I know about FDIC/NCUA insurance, but any hoops I need to jump through if bank collapses? How exactly will I get the money back?
Tbh it doesn’t matter if you have 250k or 250M in the bank. If bank collapses you shouldnt have to worry bout it either 250K cuz youll be insured. 250M and the world likely ending. Bigger things to worry bout
Just open 100 bank accounts and split up the 250M across them all.
He would need to open 1000 accounts for 250M.
I don't think there is any magic process in protecting your money. FDIC protects up to 250k. You can either spread anything that you have over that amount across as many banks and CUs as you need or hope that the government will reintroduce the extra regulation that prevents bank failures from occuring. In the event an operation fails, you will be notified by the FDIC and/or bank on the steps necessary to recoup part or all of your losses.
Many credit unions are not FDIC insured to keep costs low
Safer than under your mattress
Disagree. My mattress is safer to keep your money