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re: Is it a good idea to keep 123 million in one checking account?
Posted on 3/13/14 at 9:59 am to AUtigR24
Posted on 3/13/14 at 9:59 am to AUtigR24
quote:
Umm No. Most banks are only insured up to a certain amount so if they were to get robbed or had a natural disaster he would be SOL. Not sure what the number is though but I wouldn't keep that much money in one location.
Not the banks themselves, but the FDIC
Almost all banks (99%) are, however, members of the FDIC. The FDIC protects deposits up to $100,000
This post was edited on 3/13/14 at 10:00 am
2
Posted on 3/13/14 at 10:02 am to Emiliooo
quote:
Almost all banks (99%) are, however, members of the FDIC. The FDIC protects deposits up to $100
It's been bumped up to $250k, since I think 2008. FDIC trying to keep people from leaving banks.
On the subject of if it's smart to keep $123MM in a bank account, it depends on what type of bank account. If we are talking checking, then hell no, that is full retard. But if we are talking money market account, mutual fund account, etc., then the bank really doesn't have it.
Posted on 3/13/14 at 10:07 am to Emiliooo
quote:
The FDIC protects deposits up to $100,000
The FDIC now protects up to $250,000. That extra $150k doesn't do a whole lot of good if the bank goes belly up & he loses $100m+
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