if you go over 250k, what happens?
I wonder if it’s per account. So you can spread your money in multiple accounts for maximum protection
Yes
Depends on ownership category. You can open a joint acct with your spouse in the same bank and put $500k. Your $250K in single account and $250k in joint account are both covered since they’re different ownership categories. Your spouse’s $250k is also covered.
Open a new account
Why would you keep 250k in a savings account
Cause that's where you're supposed to keep emergency funds.
Maybe he has 200 billion in investment accounts
The number used to be $50k and when a bank failed during the 08 recession FDIC flexed to cover all losses even above the $50k but that's not a guarantee it'll happen in the future. The 250k limit is per account as well so you can spread it out over multiple accounts.
A bank? FDIC had to deal with 465 failed banks between 2008 and 2012
It’s per institution.. so if you have more than $250k cash simply put the extra in another account at a different institution.
Don't put more than 250k in a single account
Just use a cash management account or something, Fidelity offers cash management accts that offer FDIC insurance up to 1.25million I think Other places do too
They try to make everyone whole.
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