[Alberta's Child]

We've discussed this at length here on various FR threads. Here’s the simple banking dilemma that illustrates the problem with a $250,000 FDIC insurance limit:

Suppose someone buys a home for $400,000.

As part of the closing process, a payment of $400,000 is made from one bank account (on behalf of the buyer) to a closing agent. The proceeds of the sale are then paid to the seller.

How does this process get done without exposing 2-3 parties to the risk of losing the money in a bank failure?

Is anyone in this process "reckless and irresponsible" for getting involved in the sale of a property in excess of a $250,000 FDIC limit?

[Theoria]

That isn’t a new problem and has already been solved. Multiple ways to handle that. DIF banks network, intrafi, ncu insurance etc. Risks are risks.