Bank account limits?

Question

My bank account is federally insured to $100,000. What happens if I have more than that, like if I have lottery winnings? Can I put it into several accounts, or do I have to go to several banks to have the full amount insured under FDIC?

Answer 1

i think having several accounts might be enough. But that doesn't matter because the actually money that insures the FDIC i hear is $200 to every $100,000. So if all the banks goes out and there are a lot of people with more than 200 in the bank well your screwed.

You better off buying percious metals.

Answer 2

Banks that are FDIC insured will insure that money that is in the account for $100,000, Credit Unions generally speaking are not federally insured. If you have anything more in that one account you would definitely want to move your funds around. If the Bank should go under you will only be insured for the $100,000 and a portion of anything over possibly. Don't take any chances and move your money into several accounts, an accountant can also help you with this as well.

Answer 3

Your best bet is to have accounts in different banks.  Some will tell you to have several accounts at one bank with different POD's (pay on death or beneficiaries) but you don't need the risk that FDIC may not honor those as separate accounts.  By using different banks, you will certainly be safe.