Is My Money Safe in a Bank
Thomas Brock explains that bank deposits are insured by the FDIC up to $250,000 per bank, and spreading larger balances across multiple banks helps ensure full protection.
Video Transcript
The US Federal Deposit Corporation protects your money up to two hundred and fifty thousand dollars per bank. So, if you have multiple bank accounts with one bank and it falls below two hundred and fifty thousand dollars, you're insured. However, if you have more than two hundred fifty thousand dollars with a given bank, it would be wise to take the excess and put it with a different bank. You'll have this two hundred and fifty thousand with the second bank, two hundred and fifty thousand with the first bank.
