As far as FDIC insurance goes, I understand that they have a nominal limit of $250k covered per bank, per type of ownership. However, I currently have my savings with Bank of America and I imagine that if we were in a situation where BofA could not honor their deposits we would have much bigger problems going on than what's in my bank account. And even if BofA did go under, the FDIC has gone above the $250k limit in situations like when SVB went under in order to maintain confidence in the banking system. So, on the whole I don't think about the FDIC coverage.
There is a similar case for SIPC insurance as well. My broker doesn't even have access to the products I hold in my account. The only situation in which SIPC coverage would matter is if my broker went under and then when I tried to transfer my assets somewhere else I discover they had somehow been lost or stolen. I really doubt I'd have to worry about that either. Thoughts?
There is a similar case for SIPC insurance as well. My broker doesn't even have access to the products I hold in my account. The only situation in which SIPC coverage would matter is if my broker went under and then when I tried to transfer my assets somewhere else I discover they had somehow been lost or stolen. I really doubt I'd have to worry about that either. Thoughts?
Statistics: Posted by Frugalicious — Sun Jun 02, 2024 3:19 pm — Replies 1 — Views 241