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If you have an account in need of insurance in excess of the FDIC limits, you can speak with your CFO about depositor bonds or contact the appropriate party abo

by IncRnd 4y ago

If you have an account in need of insurance in excess of the FDIC limits, you can speak with your CFO about depositor bonds or contact the appropriate party about any of the other methods in the links that were posted in this thread.

DennisP 4y ago
Unless you have a link for these depositor bonds, I'll remain skeptical since they weren't mentioned in your previous link, google produces nothing obvious and DIF isn't at all what you'd claimed.
- IncRnd 4y ago
  You want me to google for you? You don't seem serious. Here you go anyway with 5 out of the top 6 links on the first page from Google.com. Hopefully, these links will help someone who is looking for information on how to secure their bank account. The normal method for this insurance is to call an insurance company and ask for excess deposit insurance. This should be your first step. But, it seems very strange to me that you are beligerently asking people on the internet for financial information that you don't appear to need. 1. Understand How a Depositor Bond Works [1] 2. Depositor bonds for FDIC-insured deposit accounts [2] 3. Excess Deposit Guarantee Surety Bond [3] 4. Bond Penalty: Based on Coverage Requested Excess FDIC Limits [4] 5. Hello old friend – The reappearance of excess deposit bonds [5] Here is the summary copied from the first link, in case you don't want to load the link from here or from Google. In summary, the Depositor Bond provides a third party guarantee (from the insurance company who is called the Surety) that deposits will in fact be returned to the depositor. Depositor bonds are designed to be “Excess FDIC Insurance Coverage” and coverage begins at the point where the $250,000 FDIC insurance obligation ends. [1] [1] https://www.depositorbonds.com/understand-how-a-depositor-bond-works/ https://www.depositorbonds.com/understand-how-a-depositor-bo... [2] https://www.travelers.com/iw-documents/surety-bond/59375-depository-bonds.pdf https://www.travelers.com/iw-documents/surety-bond/59375-dep... [3] https://surety1.com/bond_info/excess-deposit-guarantee-surety-bond/ https://surety1.com/bond_info/excess-deposit-guarantee-suret... [4] https://suretyone.com/bank-depository-bond https://suretyone.com/bank-depository-bond [5] https://www.cuinsight.com/hello-old-friend-the-reappearance-of-excess-deposit-bonds/ https://www.cuinsight.com/hello-old-friend-the-reappearance-...
  - DennisP 4y ago
    No, I can't call up my insurance company to get depositor bonds. From [2]: "Depositor bonds allow banks to offer deposit protection in excess of Federal Deposit Insurance Corporation (FDIC) insurance coverage to its most valued customers." The other links say similar things. This is something banks can buy, to provide extra coverage for their customers. People here have been arguing that SVB's customers were negligent by not purchasing their own third-party insurance. I think it's reasonable to ask them to support that argument, even if I'm not personally in the market. Supplemental insurance like that still does not appear to be available.

by IncRnd 4y ago

DennisP 4y ago

Unless you have a link for these depositor bonds, I'll remain skeptical since they weren't mentioned in your previous link, google produces nothing obvious and DIF isn't at all what you'd claimed.

IncRnd 4y ago
You want me to google for you? You don't seem serious. Here you go anyway with 5 out of the top 6 links on the first page from Google.com. Hopefully, these links will help someone who is looking for information on how to secure their bank account. The normal method for this insurance is to call an insurance company and ask for excess deposit insurance. This should be your first step. But, it seems very strange to me that you are beligerently asking people on the internet for financial information that you don't appear to need. 1. Understand How a Depositor Bond Works [1] 2. Depositor bonds for FDIC-insured deposit accounts [2] 3. Excess Deposit Guarantee Surety Bond [3] 4. Bond Penalty: Based on Coverage Requested Excess FDIC Limits [4] 5. Hello old friend – The reappearance of excess deposit bonds [5] Here is the summary copied from the first link, in case you don't want to load the link from here or from Google. In summary, the Depositor Bond provides a third party guarantee (from the insurance company who is called the Surety) that deposits will in fact be returned to the depositor. Depositor bonds are designed to be “Excess FDIC Insurance Coverage” and coverage begins at the point where the $250,000 FDIC insurance obligation ends. [1] [1] https://www.depositorbonds.com/understand-how-a-depositor-bond-works/ https://www.depositorbonds.com/understand-how-a-depositor-bo... [2] https://www.travelers.com/iw-documents/surety-bond/59375-depository-bonds.pdf https://www.travelers.com/iw-documents/surety-bond/59375-dep... [3] https://surety1.com/bond_info/excess-deposit-guarantee-surety-bond/ https://surety1.com/bond_info/excess-deposit-guarantee-suret... [4] https://suretyone.com/bank-depository-bond https://suretyone.com/bank-depository-bond [5] https://www.cuinsight.com/hello-old-friend-the-reappearance-of-excess-deposit-bonds/ https://www.cuinsight.com/hello-old-friend-the-reappearance-...
- DennisP 4y ago
  No, I can't call up my insurance company to get depositor bonds. From [2]: "Depositor bonds allow banks to offer deposit protection in excess of Federal Deposit Insurance Corporation (FDIC) insurance coverage to its most valued customers." The other links say similar things. This is something banks can buy, to provide extra coverage for their customers. People here have been arguing that SVB's customers were negligent by not purchasing their own third-party insurance. I think it's reasonable to ask them to support that argument, even if I'm not personally in the market. Supplemental insurance like that still does not appear to be available.