FDIC Uninsured Deposit Report and Graph

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Mmac31415
Mmac31415 Member
edited October 2023 in Product Enhancements

With all the angst with uninsured deposits within the banking system, it would be nice if Quicken offered a way to track all account balances and offered an Uninsured Deposit Vulnerability Report and Graph? Let the individuals enter the number of owners/beneficiaries of an account and select the FDIC category associated with the account so that Quicken can monitor for any vulnerabilities.

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  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
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    FDIC Insurance applies ONLY to checking, savings & CD type accounts.

    You can already produce a Balances report in Q that selects eligible accounts and review that for amounts.

    You can produce a counterpart report, using your INVESTING accounts re: SIPC insurance.

    I.E., your request is unnecessary as the ability already exists

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Mmac31415
    Mmac31415 Member
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    Thank you for your input. I'm not an expert on FDIC and SIPC, but from what I've read, I don't believe the rules are that simple. That's why I'm throwing it out there for the Quicken accounting experts to look into. FDIC covers bank deposit accts (checking, saving, CD's, Money Market) and some IRA's or pension accounts, but the amount insured isn't just $250,000 per account. It is $250,000 per person per acct category per insured bank. So, it depends on the number of owners or beneficiaries of an account at an insured bank and the category of that account. Categories include: single accts, joint accts, some IRA accts, revocable trust accts, irrevocable trust accts, employee benefit plan accts, corp/partnership accts. This could allow one person to be covered for well over $1M at one bank if deposits are spread properly between categories. I'm looking for a way to add the number or names of the owners and beneficiaries in the account detail page, along with the FDIC category, and then let Quicken do the math. Allow for a report or graph that shows the total amount of uninsured risk in a bank or brokerage. Maybe add it to the dashboard or even setup an alert for it. Unless the FDIC decides to protect all deposits of insured banks, regardless of the amounts, I think this could be a useful insight to one's finances.