[rmilk]

Exactly. Even a business checking account with interest is backed partly/fully by money market funds. Those ALL come with offering sheets clearly spelling out returns aren’t guaranteed AND you could lose capital.

It’s simply poor money management by the employer to assume you can toss $1M-$5M in a business checking account and have zero risk. It’s not a personal account and it is clearly over the FDIC limits.

Anyone with $250K net worth knows there is risk here. Even my 80+ mother who is NOT finance savvy knows about this $250k limit and manages her life savings in different money market accounts to limit her exposure.