So I’ve heard about FDIC insurance and how it means that “your account is insured for up to $250,000.”
But let’s say I won $1M in the lottery. In order to maximize my insurance coverage, would I have to open up accounts at 4 separate banks? Or could I open 4 accounts at the same bank? If the latter, would these 4 accounts have to have their own separate logins? Or could I have a single login with, say, 4 money market accounts under that single login?
I swear I’ve tried to Google different variations of this question. I have even asked the poor accounts officer at my bank, but he didn’t seem terribly confident in his answer.
In: Economics
People here have told you how FDIC insurance works. But in real life, it really doesn’t matter. There are relatively few bank failures each year and in every case their assets are bought by another bank. No everyday consumer loses money in a bank failure these days.
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