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A Minute with Alan® — Banking

Comments: 2

  • Duke Merhavy

    August 7, 2025

    Alan,

    The only fly in the ointment with this scenario is that the FDIC (Federal Deposit Insurance Corporation) coverage is per depositor ($250,000 is the limit), per insured bank, per ownership category — not per account . So, if things go horribly wrong, you might not be able to recover the entire amount in your assets.

    Duke

    • Alan Weiss

      August 8, 2025

      However, if you have a single account, a joint account with your spouse, and a retirement account at the same FDIC-insured bank, each of those accounts would be in a different ownership category and therefore each insured up to $250,000. And then you can also use different banks and repeat the process, which is a good idea.

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