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FDIC insurance, regardless at which bank, only covers the first 250k per depositor per bank.
by mynameisvlad 4y ago
FDIC insurance, regardless at which bank, only covers the first 250k per depositor per bank.
- dragonwriter 4y ago...per ownership category, of which their are, I think 14, and sometimes the insured party isn’t the depositor (e.g., “Employee Benefit Plans” are a category, and the plan participants are treated as the insured party for calculations in that category—and since its a separate category, it doesn't effect any single or joint accounts those participants happen to have at the same institution.)
- mynameisvlad 4y agoI had it in my comment initially and removed it. When the bank's deposits are several magnitudes more than the limit, I don't think that distinction will do anything but muddy the waters. Even if each owner had all 14 types, they only get $3.5mil in insurance. And the bank has, allegedly, somewhere around $200bil in deposits.