Why is the FDIC insurance limit only $250,000? What do people

that's per account

you just open more accounts

>>1401180
you split it up into multiple accounts

I know some people that use CDARS for that purpose.

>>1401206

It's per depositor actually

FDIC is meaningless anyway. They couldn't even cover ~30% of the losses if JPMorgan or BoA failed

>>1401180
Its so some billionaire couldn't create a bank, insure eleventy billion dollars, and then intentionally bankrupt the bank in a way that makes him money, while also getting eleventy billion dollars from the government.

>>1401225
>implying they wouldnt get bailed out

>>1401180

> What do people with more money than that do?

Nothing.

They can buy gold, property, foreign currency; all as a means of protecting themselves in the event of a collapse.

But ultimately if there is a massive collapse of the country their millions and millions are not protected.

It's probably a good system because it makes sure the rich are interested in preserving their country and the system as a whole, and thus to some small degree they will consider the common man.

Not much reason to insure beyond that as usually the assets are either illiquid or not insurable anyway

>>1401225
>It's per depositor
It's per depositor, per bank. If you have 250K at Chase, you just fill BofA with 250, and so on.
Plus, if you have different types of account at one bank, you can have more than 250K covered there.

I've heard that they've replaced losses of more than a million in some cases, so you're not really humped if you've had more losses than the two fifty

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>>1401311
Yeah I agree. Probably better to have wealthy people invest in some better assets than having circulation currency sit in the bank and all of a sudden WW3 happens.

FDIC has 90 years to pay you out.

In other words, it's meaningless. Mine aswell put it in a mattress

>>1401227
> insuring a billion dollars in cash
> cash

Doing it wrong, no body has a billion dollars sitting in cash because it deflates in value with inflation.