6 Responses

quantumslip | October 6th, 2008 at 11:05 am

So if we have existing accounts with Wells Fargo, do we count them separately to determine FDIC coverage (i.e. if we have 250k in our personal checking accounts, is our Prosper account still covered up to 250k as well?) I know this won’t be a problem for most people, but it would be nice to know.

NewHorizon | October 6th, 2008 at 3:53 pm

As a suggestion for the subject of a future blog entry, but related to Wells Fargo: maybe discuss FBO accounts, what they are, and what sorts of rules applies to Prosper and pooled accounts.

Prosper Blog | October 9th, 2008 at 7:34 pm

@ quantumslip

Yes, the money in your Prosper account enjoys separate FDIC insurance coverage of $100,000 (or more based on current legislation) through Wells Fargo. Any other amounts you may have on deposit in personal accounts at Wells Fargo are counted separately from your Prosper account for FDIC insurance purposes. For more information about FDIC insurance policies, see: http://www.fdic.gov/deposit/Deposits/insured/basics.html

NewHorizon | October 10th, 2008 at 9:49 am

The Treasury is now paying interest on bank reserves. Does this have any affect on the FBO accounts?

Limu | October 11th, 2008 at 10:43 am

Is the FDIC coverage on the first $250,000 of the Prosper bank account or is that up to $250,000 per individual lender?

Prosper Blog | October 13th, 2008 at 3:38 pm

@ Limu

Yes, the money in your Prosper account enjoys separate FDIC insurance coverage of $100,000 (or more based on current legislation) through Wells Fargo. Any other amounts you may have on deposit in personal accounts at Wells Fargo are counted separately from your Prosper account for FDIC insurance purposes. For more information about FDIC insurance policies, see: http://www.fdic.gov/deposit/Deposits/insured/basics.html