Dedicated to Deposits: Deals, Data, and Discussion

Confirming that TIAA Direct Accounts Are FDIC Insured

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TIAA Direct

In short, yes, TIAA Direct deposit accounts are FDIC insured up to the FDIC limits. I think most readers understand this, but I have received a few emails asking about this. Thus, I thought it would be useful for me to write a post describing why this is the case.

There were similar worries last year with UFB Direct. The complication is when a bank creates an internet division. Readers learned last year with UFB Direct that FDIC representatives were unable to confirm the divisions of a bank. So if you search for TIAA Direct at the FDIC website or if you ask about TIAA Direct when calling the FDIC (877-ASK-FDIC), you may not be able to confirm that TIAA Direct deposits are FDIC insured.

To learn how to verify an internet bank is part of an FDIC-insured bank, please refer to my post, Verifying Your Internet Bank Deposits are FDIC Insured. TIAA Direct is actually easier to confirm than UFB Direct. Here's why I feel confident that deposits at TIAA Direct are FDIC insured up to the typical FDIC limits:

First, here's what is stated at TIAA Direct's FAQs:

Are High Yield Savings and Money Market accounts FDIC-insured?

Deposits at TIAA-CREF Trust Company, FSB are insured by the FDIC up to $250,000 per depositor. Learn more about FDIC Insurance.

You always have to be a little careful with anything you read on the web. Anyone can create a website and say anything they want, and it's easy for anyone to create what seems to be a professional website. So it's important to confirm the web address. You can do this using the FDIC Bank Find tool.

Search for TIAA-CREF in the FDIC Bank Find tool, and it should show you its summary of TIAA-CREF Trust Company, FSB. In this summary there's a website address of www.tiaa-cref.org. Here's the direct link to this summary.

I can't find any mention of TIAA Direct at www.tiaa-cref.org. I'm not sure why TIAA-CREF has been so silent about its new internet bank. However, TIAA Direct is located under www.tiaa-cref.org at www.tiaa-cref.org/banking. There's also a tiaadirect.com web address, but if you click on the "apply now" button, it will direct you to a page under tiaa-cref.org. In summary, I feel confident that the TIAA Direct website is legitimate and controlled by TIAA-CREF Trust Company, FSB.

For more info on TIAA Direct, please refer to my Update on TIAA Direct and Its Savings Account. As I described in this post, TIAA Direct is still unable to add POD beneficiaries to accounts. They claim they are working to fix this.


Related Pages: TIAA Direct, savings account

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Comments
5 Comments.
Comment #1 by Muhammad Jahid Hasan (anonymous) posted on
Muhammad Jahid Hasan
This is really one of the great blog on confirming that tiaa direct accounts. Thank you for this wonderful article.

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Comment #2 by Anonymous posted on
Anonymous
Thanks for all of your posts. I have decided not to open an account with this online bank. They sound too fishy, too suspicious. I will keep my money with more reputable institutions.

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Comment #3 by Anonymous posted on
Anonymous
Tiaa-cref is fishy and suspicious? Umm ok.  I think you might need to do a little research.  Who do you assume is a repuitable institution, Bank of America?

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Comment #4 by Geoff (anonymous) posted on
Geoff
Anonymous #2  This is crazy. Ken has gone to the trouble of confirming that TIAA Direct is FDIC insured and you come up with that!  TIAA CREF has been a reputable, successful and reliable pension institution since 1918. There is nothing fishy or suspicious about them.

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Comment #7 by mcb07d (anonymous) posted on
mcb07d
Please, does anyone know whether TIAA Direct can take our retirement money from TIAA-cref and invest it, in the way other investment banks do?  I do not like this -- if one considers all the bank failures we've had in recent years.   

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