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Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: Webster Groves who wrote (11658)	9/16/2008 12:03:58 AM
From: SliderOnTheBlack	6 Recommendations Respond to of 50279

[This truism will undoubtedly be tested soon. The reply will now be "which bank?"] You know that's actually a serious point. People should take nothing for granted. Know the safety rating of your bank. Get advice from an attorney if you have any doubts about coverage, or limits. Take the time, and open whatever number of accounts necessary to spread your risk and to stay under FDIC limits. What's covered and what's not, by the FDIC fdic.gov And regarding your brokerage/trading accounts.... While your brokerage account(s) may be protected by SIPC, not everything in your brokerage account is covered by SIPC, and it has limits on cash coverage ($100k). Everyone needs to review this site: sipc.org And print this out: sipc.org What SIPC Covers... What it Does Not The cash and securities – such as stocks and bonds – held by a customer at a financially troubled brokerage firm are protected by SIPC. Among the investments that are ineligible for SIPC protection are commodity futures contracts and currency, as well as investment contracts (such as limited partnerships) and fixed annuity contracts that are not registered with the U.S. Securities and Exchange Commission under the Securities Act of 1933. It is important to recognize that SIPC does not work the same way as the Federal Deposit Insurance Corporation in terms of blanket protection of losses. ******************************************************************************** Fwiw, SIPIC not unlike the FDIC, is severely understaffed, and underfunded. While it may seem improbable... we are now living the improbable. Do it, and do it now. SOTB