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Non-Interest Bearing Checking Account??

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Smiling Topaz
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Non-Interest Bearing Checking Account?? Empty Non-Interest Bearing Checking Account??

Post by jwilky Mon Oct 17, 2011 10:22 pm

I have a basic question and I'm sure that I'm missing something in my understanding. I would appreciate it if someone could point me in the right direction. I will talk to my financial advisor, but I'd like to hear it from this group as well. I've been told to cash-in into a Non-Interest Bearing Checking Account or Trust. As I understand it, the checking account is only insured up to $250,000. Why would anyone do that? Especially if you had untold millions. Like I said, I'm missing something. Please be gentle. LOL

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Post by Smiling Topaz Mon Oct 17, 2011 10:28 pm

I had no luck talking to bankers ... personal bankers ... about non-interest bearing accounts.. Then I spoke to bankers from the private bankers section ... they knew exactly what I was talking about. Those non-interest bearing accounts (as I understand it) are often used for purposes of having greater protection....you give up interest, but you get coverage to the full amount of your account. The regular interest bearing accounts do have protection to $250,000 ... but the non-interest are for full coverage. There are others who can provided greater details...I am sure! Smile

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Post by tinmouse41 Mon Oct 17, 2011 11:11 pm

As I understand, the advantage of a non interest bearing account is it is insured by the FDIC with out limit as to the dollar amounts and allows unrestricted transfers of dollar amounts in and out of the account.

A short time ago I inquired at one of the large banks here in Dallas about non interest bearing accounts and was informed that their did not offer this. Now, upon rereading the information in the attachment to this email, I believe that the banks response was in error. This FDIC provision was included in the new Dodd-Frank Act which became effective on December 31, 2010 and is temporary (terminating on December 31, 2012) So if one wishes to use this FDIC provision one should probable be prepared to produce the information in the following link as evidence to their bank.

See summary below and this link: http://www.fdic.gov/deposit/deposits/unlimited/faq.pdf

Summary: The FDIC Board of Directors (Board) has issued a final rule to implement the section of the Dodd-
Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) that provides temporary unlimited
coverage for noninterest-bearing transaction accounts at all FDIC-insured depository institutions (IDIs). The
separate coverage for noninterest-bearing transaction accounts becomes effective on December 31, 2010,
and terminates on December 31, 2012.

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Non-Interest Bearing Checking Account?? Empty Re: Non-Interest Bearing Checking Account??

Post by raiderman Mon Oct 17, 2011 11:47 pm

jwilky wrote:I have a basic question and I'm sure that I'm missing something in my understanding. I would appreciate it if someone could point me in the right direction. I will talk to my financial advisor, but I'd like to hear it from this group as well. I've been told to cash-in into a Non-Interest Bearing Checking Account or Trust. As I understand it, the checking account is only insured up to $250,000. Why would anyone do that? Especially if you had untold millions. Like I said, I'm missing something. Please be gentle. LOL



JWilky...coincidentally, I called my newly established banker today at Chase and asked the same question about my just opened non interest bearing checking account. She quickly told me that it was insured by the FDIC for $250,000, but that if I wanted to insure more, simply open another account, such as in my wife's name. I didn't ask if I could open several different accounts to cover what I would be depositing, which is WAY beyond $250,000, even at a 1:1 RV. I wish I would have. I did not discuss trusts with her. I opened the account about 10 days ago to have a separate account from my current account, which has both my wife and I on it. I opened the account to keep from co-mingling funds. I may call again tomorrow to ask if I may open a multitude of accounts to cover my cash-in amounts. I will also ask about trust accounts. However, with all this said, I have a plan utilizing an investment group that are experts in financial planning and asset protection. I will not reveal their identities, however. Good luck to all in your planning. I wish the best for all the dinarians. By the way, when I opened the account, we talked briefly about the Dinar, and she said that many of her customers have talked openly about a pending RV, and that they did not currently exchange it, but would be prepared when it happened. She also brought in her manager to talk to me about utilizing all of the resources that they had to assist me in investments, advice, etc.


Last edited by raiderman on Tue Oct 18, 2011 12:18 am; edited 1 time in total (Reason for editing : make it easier to read)

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Post by mvgteam Mon Oct 17, 2011 11:59 pm

Want to check to see if your covered? Try this link.

https://www.fdic.gov/EDIE/

Play with the amounts and types of accounts, it will help you get prepared. When you talk to the banks you will know more how you want your money placed. And one thing I found out, most banks do not consider an LLC a small business, they are treated as corporations for bank purposes wheather they are single member or multiple member LLC. Be sure and ask your banker about that.

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Post by Inquisitive one Tue Oct 18, 2011 12:09 am

Its called a TAG account. Transactional Account Guarantee (i think). It comes from an executive order signed by the president last December. It allows you to put ant amt of money into this account and it still b insured by the FDIC. From my understanding, you must request a TAG account. Not just a non-interest baring acct. This EO is suppose to be good thru 2012 I think. You dont want to leave this money in the TAG acct for very long though because even though it is insured by the FDIC, they have 99 years to repay you if anything happens. Its just a place to have your money wired where it will b safe til you get it invested.

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Post by Guest Tue Oct 18, 2011 11:30 am

Inquisitive one wrote:Its called a TAG account. Transactional Account Guarantee (i think). It comes from an executive order signed by the president last December. It allows you to put ant amt of money into this account and it still b insured by the FDIC. From my understanding, you must request a TAG account. Not just a non-interest baring acct. This EO is suppose to be good thru 2012 I think. You dont want to leave this money in the TAG acct for very long though because even though it is insured by the FDIC, they have 99 years to repay you if anything happens. Its just a place to have your money wired where it will b safe til you get it invested.

Interesting...thanks.

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