Have all my money in RH, all FDIC insured (under 250k). Pooping my pants with the SVB situation. Is there any possibility, no matter how remote that is, of losing FDIC insured money? Tc 300k Yoe 8
Zero
it's really dicey. stash your cash somewhere safe like dogecoin
Guaranteed and backed by the full faith of US govt. FDIC was literally a program created due to bank run problems in the past. Despite all those crypto morons, federal regulations are necessary for money to function properly. It was a major learning lesson from the Great Depression era. Be thankful USD isn't some decentralized garbage.
Yes, this. Wish more people knew about this before blowing their money in crypto
How do you store your money in RH? Only cash held like in a bank is insured. Stocks are not.
Sweep account.
You can have a savings account in RH
It's as safe as the US government. Not bulletproof
I mean… if FDIC stops working, you better have a hazmat suit and a bunker ready..
@WJSw81 that day will come (I hope not though). Whether in our lifetime or not, it will come for sure
It isn’t guaranteed. It’s meant to instill trust in the system. If all hell broke loose and everyone closed their accounts, we are all screwed
Only principal is guaranteed, not interest accrued
It’s just about as guaranteed as social security in the US is to people in their 20s today.
Good analogy.
No, it’s literally guaranteed
Sure FDIC is guaranteed. But RH is not guaranteed by FDIC in the traditional sense. Also until recently they were only SIPC guaranteed, might still be the case Overall, do your own research