250k is per entity, per bank — perfectly legal to use multiple banks and banks publicly offer this as a service to businesses and high net worth individuals. E

250k is per entity, per bank — perfectly legal to use multiple banks and banks publicly offer this as a service to businesses and high net worth individuals. Example: https://www.sec.gov/oiea/investor-alerts-bulletins/ib_banksweep https://www.sec.gov/oiea/investor-alerts-bulletins/ib_banksw...