Is it a concern that Wells Fargo isn't FDIC insured? My bad. They are.

[Eli]

?

It means that if Wells Fargo goes under, they get to keep any money that isn't withdrawn.. or something along those lines, right?

 

[abaez]

Are you sure? It would seem crazy for a big bank like wells fargo not to be. FDIC insured means that your deposit is insured by the govt. (Up to 100k?) I think it was started because in the Depression people wanted to take their money out of the bank but the bank didn't have any so people pretty much lost anything they had in it.

Edit: wow it really isn't.. http://a248.e.akamai.net/7/248/1856/9937399527fbd0/www.wellsfargo.com/images/about/al_product_disclaim.gif

 

[wfbberzerker]

i think it means that if everyone suddenly fears for the safety of their money and decide to withdrawl all of it from wells fargo, the government cant bail them out if they dont have enough money to give it to everyone taking out the money.

 

[vi edit]

Really? On the savings account page for Iowa it says "Member FDIC" and "FDIC Insured".

Maybe it's by state.

 

[aircooled]

I wouldn't keep my life saving there. But I also doubt they are going away anytime soon either.
If they are not insured buy FDIC, i'd keep the bulk of my retirement money somewhere that is..

 

[ggavinmoss]

You're nuts. They're FDIC insured... though some of the investment opportunities they offer aren't.

-geoff

 

[pulse8]

Originally posted by: abaez
Are you sure? It would seem crazy for a big bank like wells fargo not to be. FDIC insured means that your deposit is insured by the govt. (Up to 100k?) I think it was started because in the Depression people wanted to take their money out of the bank but the bank didn't have any so people pretty much lost anything they had in it.

Edit: wow it really isn't.. http://a248.e.akamai.net/7/248/1856/9937399527fbd0/www.wellsfargo.com/images/about/al_product_disclaim.gif

That's just their investments. It's like that for any bank.

 

[AvesPKS]

I doubt the Gov would let a bank as big as Wells Fargo go under, FDIC or no FDIC.

 

[ggavinmoss]

http://www.wellsfargo.com/per/wfonline/index.jhtml

Go to the bottom -- their brokerage service isn't FDIC insured. They, the bank, are.

-geoff

 

[RossMAN]

Did some searching and found this:

Yes they are FDIC insured and have been since 1934 (SF, CA is the corporate headquarters).

Their investments/brokerages are NOT FDIC insured (just like 100% of the other banks/investment firms).

 

[Eli]

Oh. My bad.

I saw "Not FDIC Insured" towards the bottom of the online banking login page, I didn't notice the "Brokerage Products" next to it.

Nothing to see here.. Move along.

 

[MAME]

They are for sure FDIC insured. And if they weren't, all it means is that the gov't won't back up your money if the bank doesn't have enough savings to give to people who are withdrawling.