Here are some answers to questions you may have about checking accounts and about money at investment firms.
The news here is mostly good, since entities like the Federal Deposit Insurance Corp. and the Securities Investor Protection Corp. offer hundreds of thousands of dollars of guarantees. The insurance costs nothing, and you don’t have to check a box when you open your account to get it. It’s automatic as long as you’re banking with an FDIC-insured institution. The FDIC’s website has a searchable database.If you set up a joint account with someone else — say, a spouse — you each get $250,000 in coverage, for a potential total of $500,000 in a single joint account.
SIPC generally covers up to $500,000 of securities and cash for each customer, though that can be higher for people with multiple accounts — depending on the account types and whether they’re individual accounts or jointly held. The protection is available only if the brokerage firm fails and is a member of SIPC; most brokerage firms are required to be members. You can check if your brokerage firm is one of its 3,500 members on SIPC’s website or by contacting the firm.
But Schwab has healthy reserves, and analysts aren’t worried about its financial position. And as the firm’s top executives recently pointed out, more than 80% of its clients’ cash is insured dollar for dollar by the FDIC.There is no indication that any major credit-card issuer is in trouble, but it’s always wise to have two cards — with different companies — if you can qualify for that much credit.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What UGC content creator job is like, how long it takes to make moneyA UGC creator made an extra $25,000 in 10 months explains what it takes to start making an income: 'This is a business, not a get rich quick scheme'
Source: BusinessInsider - 🏆 729. / 51 Read more »
Sam Altman sent money to startup to survive SVB collapse, report saysOpenAI CEO Sam Altman sent startup six-figure loan to make payroll after Silicon Valley Bank collapse, report says MARCIANOPHONE
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: CNN - 🏆 4. / 95 Read more »