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Aren't bank deposits insured these days?
"Only" up to $250,000 per account.
I see. Honestly, it's a silly idea to keep six figures in a bank. That's money that's depreciating with inflation.
You're completely right. I don't really have much sympathy for SV companies, though. I was thinking about individuals only.
https://www.rbcwealthmanagement.com/en-us/legal/rbc-insured-deposits
I don't understand this Insured Deposits program, and ho it is different from the $250k insurance I had always understood, but they state the FDIC covers up to $5 million of a deposit. Probably for a 401k or some investment thing, rather than banking. But here the FDIC is insuring a whole lot more.