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by trevyn
2735 days ago
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>You can't use bank accounts: FDIC insurance only covers $200k per bank. You'd literally need 5000 different bank accounts to hold $100 Million safely. Not that it’s a good idea, but there are other ways to insure cash than the FDIC. One example, apparently Massachusetts offers unlimited insurance for banks: https://en.m.wikipedia.org/wiki/Depositors_Insurance_Fund (Also, 100M / 200k = 500, not 5000) |
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> Q: Is the DIF a federal or state agency?
> A: No. The DIF is a private, industry-sponsored insurance company and is not backed by the federal government or the Commonwealth of Massachusetts.