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Why non-interest bearing account

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Post by LogansNana Fri May 04, 2012 10:36 pm

I keep hearing about the non-interest bearing account. We are in this very modestly--less than a million dinar. Why do I want a non-interest bearing account?

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Post by 1alaskan Fri May 04, 2012 10:43 pm

Current FDIC insurance limits your insured amounts, a non-interest accounts have no limit on the amount that is insured.

FYI, the current portion of the law which is part of the Frank/Dodd act, expires on Dec. 31, 2012, unless some action is taken by congress and the President signs it into law. so unless that happens it is good for about 6-7 months.

As to why anyone would want to use a non-interest bearing account is beyond me.

There are other ways around FDIC insurance limits, Google "CDARS"

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Post by rick152 Fri May 04, 2012 11:00 pm

This is only my opinion here but,
1 I would not and will not open an account before we have our RV,
2 Dependant upon the exchange rate and what your immediate plans are for the funds I will say this...If after (within a year or less) you KNOW you will not retain a minimum of 250k in cash in 1 bank account then you basically will have no need for an non-interest bank account. If you do intend to retain 250k or more than you can obtain one of these accounts or split the funds amongst several different banks.

The reason for the non-interest bank account is for those exceding funds to be protected by the frank-dodd act in case of a catrospic bank failure. We have heard in the past that this act is set to expire on 30 Dec 2012. So one would want to "split up or diversify" before that date to maintain safty in such a case as a bank failure.

This is of course not to be considered financial advise and you should see your own accountant and or attorney. I hope this helps in some way. Thanks for asking.
There is also a lot on this topic here on the site just search using words "frank dodd act" / or "non interest bank accounts etc.

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Post by Kevind53 Fri May 04, 2012 11:09 pm

@LogansNana wrote:I keep hearing about the non-interest bearing account. We are in this very modestly--less than a million dinar. Why do I want a non-interest bearing account?

Good question why would yhou want to put your money someplace where it effectively will lose value? (Due to inflation)

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Post by mr_evans2u Mon May 07, 2012 10:51 am

I think it is mostly for a temp. parking spot while being fully protected until you can get in to see your tax, financial/investment adviser to make a plan for that money.

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