Charles Schwab Money Market Funds
Is Charles Schwab Money Market funds safe right now? The stock has taken a massive hit and I am not sure if I should let my money sit in Charles Schwab Money Market Funds. It’s not FDIC insured.
Plaid cadoosay Mar 13, 2023
It’s SIPC insured, and pretty safe in general. MMF’s were nowhere close to failing in 2008 for example.
Cummins ShinChan$ OP Mar 13, 2023
SWVXX is SIPC insured?
Plaid cadoosay Mar 13, 2023
Yup, you’re good. If you don’t believe you can call Schwab and they’ll tell you the same thing.
Microsoft Yh7w9oe Mar 13, 2023
Fidelity 👑
Apple i-cubed Mar 13, 2023
Sweep accounts are covered by fdic but the money market accounts are not, but should be covered by spic and segregated from the bigger own money. How much money do you have there?
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bigsimp Mar 13, 2023I actually moved money into the brokerage side of Schwab and out of the bank side. SIPC limits are higher than FDIC.
If it’s not FDIC insured I would move any money out. The government won’t bail out non FDIC insured funds in case of a bank run.
The payout is on 15th lol. I want to keep it for 2 more days but anything can happen in 2 days in this environment..
Schwab accounts are covered under SIPC is my understanding so you should be good unless it’s a massive amount of $