BlogArt: Maxing out deposit insurance

January 2, 2010

Two weeks without any bank failures so I thought folks might be interested in some deposit insurance trivia.

How much more than $250,000 can be insured in a single bank? For a husband and wife with kids, a lot more…


(ht FDIC spokesman Greg Hernandez)


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You can actually insure upto $ 50 mio using this nifty little service called CDARS .

Posted by MR | Report as abusive

Got a letter today from Fidelity Investments describing their method of covering core accounts (into which investor money is swept when not otherwise invested) under FDIC. Up to now there has been only a single program bank per account. But with this idea there will be a series of program banks. When your core account exceeds $245,000 your money goes into additional program banks, each covering up to $245,000. Of course, one has always been able to open accounts in different banks on one’s own but now Fidelity will do it for you.

Posted by CB | Report as abusive

Actually if our hypothetical couple has a business/es they could be insured for even more under the FDIC’s corporation, partnership and non profit agency limits.

While each account is limited to $250,000 I do not believe there is any limit on how many corporations, partnerships or non profit agencies a single individual
can control.

Posted by sangellone | Report as abusive