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> By the same logic you’re free to use accounts that aren’t FDIC-insured Unless you are going foreign, FDIC insurance is legally mandatory. But be prepared fo
by gjsman-1000 4y ago
> By the same logic you’re free to use accounts that aren’t FDIC-insured
Unless you are going foreign, FDIC insurance is legally mandatory. But be prepared for a hellish tax return the moment you open a foreign bank account - the IRS will demand a lot of paperwork.
Edit for reply: There is NCUA for credit unions; but the limits are the same, still mandatory, and it's the US Government again. Basically off-brand FDIC.
- RexM 4y agoProbably a distinction without a difference, but I have a non-FDIC insured account at a credit union. It's covered by NCUA instead, which probably works similarly as FDIC insured accounts.
- junofan 4y agoThe NCUA doesn’t insure too-big-to-fail banks to my knowledge. I feel that’s a reasonable alternative somebody would pick over an FDIC-insured bank were they concerned about insurance assessments. There’s also offshore, as you said.