Fdic?

Business Money
1

ok in the states FDIC insures banks up to 100k per account…so both savings and check will be like 200k…how about in Taiwan do they have anything similar? there are like so many little banks

2

TW does have deposit insurance. It does not cover fx deposits and some other stuff.
The coverage is up to TWD 1 million. I believe this is for all your accounts together. It maybe per account though.
Go to www.cdic.gov.tw for more info…

3

what’s fx deposits…and some other stuff…
all banks have this or just some banks

4

Hi,

Could you please try to observe the conventions of the English language when posting here? The above post is extremely unclear. If you want information then please ask coherent questions.

Thank you for your compliance.

A moderator.

5

fx = foreign currency deposits

6

Thanks Panda. FX is short for foreign exchange or foreign currency transactions. If you just open a basic account, you probably have a passbook deposit or savings deposit. These will be covered by insurance. Checking accounts are covered, but not very common in TW. Most people here just do not write checks when bills can be paid at 7-11 and person-to-person bank transfers are easy and not expensive.

Most banks here offer fx deposits. Most of the un-insured deposits are not basic banking accounts like certain trust funds, fx accounts, and special floating (not fixed rate) CDs.

There are others that I probably do not know about.

7

A lot of financial companies will buy supplimential lines of insurance for large accounts. You have to ask. One of my accounts is back by a policy with GE financial, and another is with FMR.
PS.
For accounts in the states, banks insure with fdic for 100k per registration, not per account. So single registration is one, joint would be a second, a trust a third. if you have 100k in an checking account under a single registration, and another 100k in a savings account, you are only protected for 100k. If you have 100k in you and your signficant other’s name, and 100k in a check account with just your name on the account. Both accounts are insured.