How much should I listen to someone who keeps $1 million in his checking account when the FDIC insurance limit is half that amount?
DOH! or DUH! ??
Nope. $250K.
“temporarily raised it to $250,000”
No longer temporary. And, of course, the FDIC was set up as a temporary agency by FDR.
A million in a checking account? The dude needs to take some economics and business courses.
Not only that, but $1,000,000 in a checking account is a pretty big non-performing asset. Who needs that much liquidity? Is he expecting a kidnapping?
I was thinking the exact same thing. An economist from Harvard keeping $1 million in a checking account and not in some form of reasonably appreciating investment doesn’t show Harvard for much of an economic powerhouse.
Stupid is as stupid does. Couldn’t he fit that money under his mattress?
You read my mind!
Half? Try 1/10th. The limits reverted back to their old levels. At best they were $250k,. Unless he had his wife on it too. And what kind of a moron puts his wife on an account with $1mm in it?
FDIC limit is 250K.
Bullshit.
Crazy for checking.Did not read the whole article.Bank of America is playing games with homeowners in the way of promising refinance and they end up in foreclouser-beware-first hand knowledge,-not me.
“How much should I listen to someone who keeps $1 million in his checking account when the FDIC insurance limit is half that amount?:
That depends entirely on how many names are on the account. FDIC insures each depositor.