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>You can't use bank accounts: FDIC insurance only covers $200k per bank. You'd literally need 5000 different bank accounts to hold $100 Million safely. Not tha
by trevyn 8y ago
>You can't use bank accounts: FDIC insurance only covers $200k per bank. You'd literally need 5000 different bank accounts to hold $100 Million safely.
Not that it’s a good idea, but there are other ways to insure cash than the FDIC.
One example, apparently Massachusetts offers unlimited insurance for banks: https://en.m.wikipedia.org/wiki/Depositors_Insurance_Fund https://en.m.wikipedia.org/wiki/Depositors_Insurance_Fund
(Also, 100M / 200k = 500, not 5000)
- thaumasiotes 8y agoMassachusetts? > Q: Is the DIF a federal or state agency? > A: No. The DIF is a private, industry-sponsored insurance company and is not backed by the federal government or the Commonwealth of Massachusetts.