i believe it is 250,000K USD.
1 Like
FDIC insurance is 250k USD, but thatās per person, not account
FDIC is per person, per bank, per ownership category. Separately, on the topic of investments, thereās the SIPC for brokerage accounts.
ęÆå. I didnāt know that. I was always under the impression that if the whole economy went belly up, the most Iād ever get back in total would be 250k. Not that I even have that much, but hey.
to be more accurate, if the economy ranks, you wont get anything. this insurance covers cases where the bank /broker goes out of business because of things like embezzlement or bankruptcy. if you lose money on a bad investment you are not insured.
Well that I am aware of
Something to look into as you accumulate. Ie if youāre married, a joint account is a different ownership category than a single account, but individually owned checking and savings accounts are a single category. So if you have $200k in a checking account and $200k in a savings account, youāre only covered for $250k. But $250k in your individual account, $500k in a joint account with your wife, and your wife with $250k in an individual account has the whole $1M covered. Different branches of a bank is the same bank, but accounts in different banks (chase vs boa) have their own coverage. Credit unions have their own thing, but basically the same.
SIPC covers up to $500k, with a $250k cash limit. SIPC has a similar concept to FDICs ownership categories called separate capacities.
1 Like