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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

Resolved Question:

If I have 250,000 in a savings account at two different banks are they both fully covered by FDIC?
Submitted: 4 years ago.
Category: Finance
Expert:  Bill replied 4 years ago.

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?
Expert:  Bill replied 4 years ago.
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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