It is easy to protect more then $250K if you know what you are doing. A family of 4 can easily have a couple million FDIC protected. It goes by ownership . So if you take a family of four if each parent has an account with just their name on it, each account is protected for $250K. Then if each parent has an account with their spouse and kids as beneficiaries they are protected $250K per beneficiaries. So that would be $750K per parent. Then you could have an account with just the parents on it jointly, which would be another $250K per account holder. Then an account with the parents as owners and 2 kids as beneficiaries which would be $250K per bene per account holder, another million protected. So a family of 4 could have 3.5 million FDIC insured. I was working in the banks during the last set of crashes and learned a lot about FDIC.
Oh I totally get that. All I meant was that people don't act rationally when it comes to banks and their money. Giving people more "protection" even if it's just to ease their fears might be a good idea.
I am not a family of four.... There actually are atheists in foxholes but there are no libertarians when it's their ass in a sling. All these Silicon Valley laissez faire capitalists, hated regulations, hated government assistance. Loved that Reagan joke that the scariest words are I'm from the government and I 'm here to help you. Until hurricane hits their state. Until train details in their town. Until the bank holding their assets goes under. Then they are all New Deal loving welfare state socialists,. But only for themselves! Everyone else has to pull themselves up by bootstraps.
Beneficiaries can be anyone, siblings, parents, nieces/nephews. Once you get further out then immediate family members, it starts limiting it though.
My life savings, such as they are, are in Schwab accounts. For reasons with which I will not bore you, in two accounts. I got an email from my financial advisor on security of my accounts. I congratulated him on using assure, ensure, and insure correctly in a single message.
Finally agree with you on something, hope Gallego runs roughshod over her in the primary. Not sure who I disdain more, Sinema or Tulsi Gabbard.
