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Assumption alert: the account at the partner bank is in your name. Your money must be in your name for it to get the FDIC's "$250,000 limit per depositor" insu
by delinka 15y ago
Assumption alert: the account at the partner bank is in your name.
Your money must be in your name for it to get the FDIC's "$250,000 limit per depositor" insurance coverage. Having one big mattress with Simple's name on it would preclude your money being insured. Ergo, the account must be in your name.
- buro9 15y agoExcellent. That's all I needed to know.
- damoncali 15y agoI dont' think that's exactly true. There is such a thing as the CDARS program, which allows you to spread your money between accounts at multiple banks. Not sure what the limitations are on that, but I would be weary of assumptions on this. If the money were not in my name, that would be deal killer. EDIT: for clarity.
- delinka 15y agoIt's per depositor per bank. Not per depositor period. Spreading your money across accounts at a single bank would not get you additional protection. Spreading your money across banks is how you protect more of your money.