3 ms·

Weird… why are so many account holders at BoA depositing more than the FDIC insured amount for an account?

• ericd 4y ago
  It’s deposit volume rather than number of accounts that are over $250k. I’m sure that most of the accounts are <$250k, but a single $1m account accounts weighs the same as 100 $10k accounts.
  • dwighttk 4y ago
    But why is anyone holding $1M in an account insured up to $250K?
    • ericd 4y ago
      Many companies pay out their workers more than $250k per pay period.
    • ZiiS 4y ago
      If you have 100+ employees for payroll.