Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
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Shareholder Protection Insurance Corp. (SIPC)
I think I got that heading correct. I lost my notes. I believe every brokerage account is insured up to a minimum of $500,000, including $250,000 coverage for the cash account. The last time I asked my broker about it was probably about 15 to 20 years ago when I had a lot less equity. At that time I think I was told they had extra coverage beyond the $500,000. Now, again, I'm wondering if they have enough coverage for me, since my account equity has grown since then.
What is a reasonable amount of coverage to expect? How much coverage does your broker have? Should we expect it to be in writing? Last time I just took the broker's word for it. And what would you do if your broker didn't have enough to cover your equity? I understand SPIC covers just about everything except normal market losses and/or company-stocks going bankrupt. Any information will be appreciated. Last edited by Villages PL; 05-14-2013 at 02:24 PM. |
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#2
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SIPC - Securities Investor Protection Corporation
Here's their web site - lots of info: SIPC - Securities Investor Protection Corporation Bill |
#3
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Quote:
It sounds good but how would I know if $600 million is enough to cover ALL of the securities and cash of all of their customers? Although, I think it could be enough because it's a relatively small brokerage firm with about 3 offices. There's one in New York City, one in California and one in Florida. On the plus side, I have been doing business with them for over 20 years, so I know it's not a fly-by-night brokerage firm. |
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