What’s up with “FDIC insurance up to $1,000,000”? Wikipedia claims that FDIC insurance only covers $0.25mln/bank unless I have a joint account, retirement account, or some kind of legal entity which I’m not.
That’s a quote from Wealthfront. Here’s the fine print:
The cash balance in the Cash Account is swept to one or more banks (the “program banks”) where it earns a variable rate of interest and is eligible for FDIC insurance. FDIC insurance is not provided until the funds arrive at the program banks. FDIC insurance coverage is limited to $250,000 per qualified customer account per banking institution. Wealthfront Brokerage uses more than one program bank to ensure FDIC coverage of up to $1 million for your cash deposits.
What’s up with “FDIC insurance up to $1,000,000”? Wikipedia claims that FDIC insurance only covers $0.25mln/bank unless I have a joint account, retirement account, or some kind of legal entity which I’m not.
That’s a quote from Wealthfront. Here’s the fine print:
(edit, days later: apparently this is common)