3 ms·

Apologies in advance if I'm missing some context here but from my understanding it's pretty straight-forward: in the U.S. an individual is insured by the FDIC

Apologies in advance if I'm missing some context here but from my understanding it's pretty straight-forward: in the U.S. an individual is insured by the FDIC up to $250K. So anything you have over that in the one account is "susceptible" to bank failure losses (and even then it's not guaranteed that you'd lose your $...just possible). So if you have $1M parked in one account then you're at risk. $250K parked in 4 accounts caries zero risk.

leetrout 4y ago
Per person per account type. Joint accounts are covered at 500k When a revocable trust owner names five or fewer beneficiaries, the owner's trust deposits are insured up to $250,000 for each unique beneficiary So 4 people = $1m https://www.fdic.gov/resources/deposit-insurance/brochures/insured-deposits/ https://www.fdic.gov/resources/deposit-insurance/brochures/i...