Comment on If a US bank only insures your money up to 250k does that mean I have to visit four different back to have a million dollars insured?

• Bronzebeard@lemmy.zip ⁨2⁩ ⁨days⁩ ago

  They’re not keeping a million sitting around in cash. Investment accounts have a separate insurance program

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• Truscape@lemmy.blahaj.zone ⁨3⁩ ⁨days⁩ ago

  Not someone who has that kind of money, but people who have enough money to want it perpetually invested and growing (so they can periodically withdraw from it without impacting the base fund), throw it into an index or money market fund like those provided by the big 3 (Vanguard, Blackrock, State Street).

  Although you will still need a bank regardless in your life for things like checking and credit cards.

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• Bassman1805@lemmy.world ⁨2⁩ ⁨days⁩ ago

  They use the same banks as us, they just have a VP’s direct cell number rather than talking to a run-of-the-mill teller during business hours.

  JP Morgan didn’t get all their assets by exclusivity serving low net worth individuals.

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