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I had no idea that was an option. My google-fu is failing me, what is that called? Who are the providers? Seems like it would be a mega capital intensive ins
by consumer451 4y ago
I had no idea that was an option. My google-fu is failing me, what is that called? Who are the providers? Seems like it would be a mega capital intensive insurance product.
edit: this is way out of my wheelhouse, so an actual answer would be educational.
- Kortaggio 4y agoThe term to google for is "insured cash sweep", but the specifics depend on the particular financial institution you work with. Instead of a single insurance provider, your cash is sharded behind the scenes among many member institutions. Here's one bank I picked at random from Google[0]. Brokerages like Schwab[1] and IBKR[2] also have a private insurer (both use Lloyd's of London) they offer as a service to customers. [0] https://www.stearnsbank.com/personal/high-balance-deposit https://www.stearnsbank.com/personal/high-balance-deposit [1] https://www.schwab.com/legal/sipc-account-protection https://www.schwab.com/legal/sipc-account-protection [2] https://ibkr.info/node/2012 https://ibkr.info/node/2012
- consumer451 4y agoThanks for pointing me to this!
- spiralx 4y agoTry searching for "reinsurance" as in insurance for insurance, Swiss Re and Lloyds of London are the two big names I can think of, I don't know much other than that.