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Not true if you have less than $250k at your bank. There is no reason to think FDIC will not honor the $250k insurance limit.
by wskinner 4y ago
Not true if you have less than $250k at your bank. There is no reason to think FDIC will not honor the $250k insurance limit.
- paulddraper 4y agoYeah, unless you're megarich, you as an individual you probably shouldn't have more than that in a bank.
- denimnerd42 4y agosure you might. like when you buy a home. you could easily have a lot of equity you need to move into a different, also inflated price home. Lets say you bought a 300k house in 2010 and now it's sold for 650k. well now you have at least 400k in cash you need to transfer to your new home somehow. Maybe you stick it in your primary savings account for a few months while you shop. You might not realize you won't have FDIC insurance for those few days or weeks so you get unlucky and lose most of your wealth when your bank fails.
- politician 4y agoPSA: When you sell a house, you can direct the escrow agent to wire the proceeds to multiple accounts.
- paulddraper 4y agoYes, there are rare cases (like, say, <2% of your life) when it would make sense.