Just wanted to know if you had more than $100,000 in the bank in either your checking or savings account, more than $100,000 is not covered if something happens? What are you supposed to do if you have more than $100,000? Put it in different banks? What do celebrities who get paid millions do with their money? Do they invest it all? Just a silly question, but was in line in bank and didn't quite understand it. Thanks!
2007-07-31 17:44:20 · 7 answers · asked by dillonretro 1 in Business & Finance ➔ Personal Finance
You are correct. If you have more than $100,000 in a bank, and something happens to that bank, you will not get all of your money back. You are only covered for the 1st $100,000.
Yes, you should definitely put your money in different banks if you have more than $100,000. An you have to make sure they are truly different banks. They can't be owned by the same company, or you still are only covered for $100,000. For example, for a while Bank of America and Seafirst were actually the same bank under two different names. Even if you used both of them, you would only be covered for $100,000.
I know brokerages are covered for up to $500,000, and if you have over $100,000 you should be invested anyway. And yes, people with millions keep it invested.
2007-07-31 17:50:13 · answer #1 · answered by Lisa A 7 · 0⤊ 0⤋
Yes, you put it into different banks.
The $100,000 limit is more than enough to cover most people, because even the super rich celebrities don't have that much cash hanging around. Instead they put it into stocks and bonds, they buy land and other investments like a multi-million dollar house.
2007-07-31 17:47:20 · answer #2 · answered by Dan S 7 · 0⤊ 0⤋
The Bank of America website says "Investment and insurance products: ... Are Not FDIC Insured". It does not say that Bank of America is not insured. When it says "Not FDIC Insured", it is talking only about "Investment and insurance products", nothing else. Your savings account and checking account are FDIC insured.
2016-05-19 21:07:28 · answer #3 · answered by lili 3 · 0⤊ 0⤋
it is insured for up to $100,000 on that 1 account, if have $500,000, get 5 accounts, each of them are insured for the maximum amount of $100,000. Now celebrities, don't keep all there money in the bank, they spend there on starbucks, implants, and expensive junk, and then bankcrupty lawyers....
2007-07-31 17:53:59 · answer #4 · answered by Munchie 4 · 0⤊ 1⤋
Open another account at the same bank. Talk to someone at your bank.
2007-08-01 02:41:56 · answer #5 · answered by Gary 5 · 0⤊ 1⤋
yeah they only cover that much. i believe you can have several different acounts at one bank though.
2007-07-31 17:47:12 · answer #6 · answered by Mike H 3 · 0⤊ 1⤋
they get extra insurance or invest it
2007-07-31 17:47:56 · answer #7 · answered by Anonymous · 0⤊ 1⤋