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
A lot of wrong answers here. If you want to play around and simulate it, use Edie.fdic.gov. Or look into the intrafi network of banks. If there is one local, go ask them how to get involved in the program for Fdic protection.
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