Re:Bank Run at Silicon Valley Bank
by notyourday on Thursday March 09, 2023 @04:40PM
(#35087126)
> Per account.
Per account "type" and structure. For DDAs if you are married it will be:
You: $250k
Your+your wife: $250k
You POD your wife : $250k
Your wife: $250k
Your wife POD you: $250k
What's POD in this context?
Payable on Death...
Re:Bank Run at Silicon Valley Bank
by notyourday on Thursday March 09, 2023 @06:33PM
(#35088407)
What @htrp said - payable on death.
Re:Bank Run at Silicon Valley Bank
by ryan_j_naughton on Thursday March 09, 2023 @07:01PM
(#35088644)
DDAs?
Re:Bank Run at Silicon Valley Bank
by notyourday on Thursday March 09, 2023 @08:02PM
(#35089159)
Demand Deposit Account - the kind of account that allows for cleared funds to be withdrawn without advanced notice. Probably 99.999% of accounts such as checking and savings one can write checks/do ACH payments/send wires/transfer money from fall into this category.
>The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category
My understanding is that this might cause an unwelcome surprise to (for example) someone with a personal account at Bank A, and a sweep account at Brokerage P that sends its funds into accounts at Banks A, B, and C.
Edit: It seems I am incorrect.
> The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category. Deposits held in different ownership categories are separately insured, up to at least $250,000, even if held at the same bank.