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
Thanks to all of you who answered! This conversation actually helped me figure out how better to google it… [Nerd Wallet](https://www.nerdwallet.com/article/banking/fdic-insurance) seems to have a thorough explanation with examples, including a scenario I never would have considered (the “ownership category” of joint ownership).
Your opinions differed from each other in places, so I thought I’d share the link here in case y’all wanted to review it.
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