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Bill
Bill, Financial Advisor
Category: Finance
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Experience:  EA, CEBS - 35 years experience providing financial advice
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If I have 250,000 in a savings account at two different banks

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If I have 250,000 in a savings account at two different banks are they both fully covered by FDIC?

Yes, they are each covered by FDIC insurance. Each bank is required to provide coverage for depositors up to $250,000.

http://www.fdic.gov/deposit/deposits/insured/basics.html

http://www.fdic.gov/deposit/deposits/insured/faq.html

Customer: replied 4 years ago.
So there is no limit to how much money can be insured if different banks are utilized - correct?
Yes, that is correct. For example, if you have $1,000,000 and deposit $250,000 at each of 4 banks then each account is insured.
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