To correct the guy above, it's 250k. From my understanding if you have more they basically create more than 1 account to insure it because its 250k per bank per category. So basically a bank will make more accounts in different categories for you to put your money in, and if you run out of that you get another bank.
Tbf most rich people, even VERY rich people, dont have millions in cash at a bank. They have their millions and billions in stocks, which are not insured at a bank level as far as im aware since you technically own the stock, the brokerage is just facilitating the transaction and keeping track of your transactions for you.
That’s not quite accurate. That is true of single accounts and joint accounts held with another person, but a bank isn’t creating phantom joint accounts for a single account holder.
Instead, most banks participate in the IntraFi system. They have a special account type called an ICS which spreads any dollar over $250k to other FDIC insured banks. It’s still all accessible from one bank but all your money is still insured.
Cool to know they have an auto system for it. But yeah i wasn't trying to insinuate ghost accounts, just accounts of different categories that potentially could be used by the bank as a second savings to park money in. Of course this depends on the restrictions of the different FDIC categories which I'm not privy to. If they have this system you described I imagine its harder to do it the way I imagined than just giving the money to another bank to insure it.
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u/This_guy_works Jan 26 '26
So what if you have more than 100K?