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You’re kidding right? There’s a limit of like $250k An individual could easily have that much let alone a startup with millions.
by tempsy 4y ago
You’re kidding right? There’s a limit of like $250k
An individual could easily have that much let alone a startup with millions.
- deleted 4y ago[deleted]
- bluGill 4y agoIn a bank? If you have that much you really should invest in something better than a bank account. Banks should be petty cash that you spend in a couple months.
- tempsy 4y agoi’m not talking about what the savvy thing to do is, just taking issue with the assertion that “it doesn’t matter if a bank fails cause it’s insured” when there’s a limit that the OP either failed to mention or didn’t know about and not that it matters but this is specifically about a startup or business not talking about personal finances of an individual
- kapilvt 4y agoThat’s not quite how payroll works
- bluGill 4y agoRight, but gp was talking about people not businesses
- tempsy 4y agono i wasn’t. i said an individual could easily have $250k in cash to show you that it is not a significant amount of money from a business perspective. nothing about what i said referred to keeping $250k in a non interest bearing account as being a smart decision for an individual
- bluGill 4y agoI'm confused then. What individuals keep 250k in cash? How does individuals have any bearing or relevance to businesses?
- dheera 4y agoSVB is likely mostly business accounts.
- notch898a 4y agoIt's crazy to me there aren't banks with 100% reserve ratio fully insured for a nominal fee of 0.4% or whatever (gold/silver storage with full insurance is ~0.4% so this probably isn't far off). I'd much rather lose 0.4% of my money than lend it out at +0.01% to whatever checking accounts pay nowadays while they lend out to some asshole that does business with the bank.