CDARS!

[shakran]

Got a bunch of money that you need to spread around to make sure it's all covered by FDIC? If you have more than $100,000 in any one bank, FDIC will not cover above that number.

CDARS lets you register for a system that will automatically spread whatever you're depositing (including CD's and mutual funds) through enough banks to keep the accounts under that limit. And it's free.

I've found many tax guys and investment professionals don't know about it, so I thought I'd share it.

Now go get rich

Certificate of Deposit Account Registry Service

[snowy]

You're covered for $100,000 per account per account holder--not per bank. What counts is account ownership.

Single accounts are covered for up to $100,000. Joint accounts have $100,000 of insurance protection per account holder, and retirement and trust accounts also qualify. So spread your money around. “A married couple can actually shield $1.1 million at one bank just by titling accounts so they are in different ownership categories,” said Greg McBride, a senior financial analyst at Bankrate.com.

Where to Keep Cash When No Investment Seems Safe - NYTimes.com

[Tully Mars]

I didn't know you could shield more then 100K at one bank, interesting.

Of course this only holds true if the FDIC doesn't run dry-

Federal bank insurance fund dwindling - Stocks & economy - MSNBC.com

If banks, big banks, continue to fall this could be an issues.