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?

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jeffw@lemmy.world ⁨6⁩ ⁨days⁩ ago

That’s because in those cases the FDIC receives the assets from the bank and distributes those. If they didn’t receive enough funds, individual depositors would not receive extra coverage from the FDIC

A quick google search showed that this happens to about 6% of accounts over the insured limit

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