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> Multiple people were calling me to ask whether they should get their money out of their bank Should we? At minimum keep as close to $250k or less spread acro
by nemo44x 4y ago
> Multiple people were calling me to ask whether they should get their money out of their bank
Should we? At minimum keep as close to $250k or less spread across however many banks as practical, right now.
- sroussey 4y agoI thinks lots of small companies with a sudden $4m influx of cash are not in a good position to open accounts at 16 banks. Now that said, there are hot money managers that will do this for you.
- technotony 4y agoWe use a sweep account that does this automatically with us just holding one bank account
- dannyw 4y agoOpen an account at one of the biggest banks (JPM Chase, Wells Fargo, etc). You don't need 16 banks when you can bank with a "too big to fail".
- bombcar 4y agoOr open at two of the 2big2fail - the chance that both go t-bills up at the same time is very low (and the one that doesn’t go bankrupt can provide the liquidity until the other resolves).
- zamnos 4y agoIf you have significantly more than $250k, you should keep it in a sweep account, which spreads it across banks for you. https://accountopening.fidelity.com/ftgw/aong/aongapp/fdicBankList?type=ira https://accountopening.fidelity.com/ftgw/aong/aongapp/fdicBa...