FDIC Insurance limits

100k is not a lot of money. When I used to be a broker people with over 100k spread their money around in different banks and I always wondered why. I just assumed these large known banks were safe. I was naive. IndyMac had 1 billion of uninsured deposits. If I ever had 100k in the bank I would use a brokerage firm that has private as well as FDIC insurance. Usually there are 25 and 50 million dollar options for private insurance. Which is more reasonable to me in 2008. And if you have more than that you need to diversify. I would diversify anyway.

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Tags: FDIC insurance, Insurance