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
FDIC Insurance is Per Person per Bank. See this webpage on the FDIC’s site:
https://www.fdic.gov/resources/deposit-insurance/brochures/insured-deposits#:~:text=The%20standard%20maximum%20deposit%20insurance,another%20separately%20chartered%20insured%20bank.
So if you have an account at Bank A, with $250k in it, all $250k is protected.
If you have two accounts at Bank B, One with $150k and the other with $250k, only $250k is protected by FDIC Insurance.
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