A reader sent this in. Effective December 31, 2012, FDIC insurance became AGGREGATED with a maximum PER OWNER cap of $250,000.
Many of you are under the impression that FDIC protection is per account, and thus if you just keep your money spread around and never keep more that a quarter-mil in cash in any one bank that you are “safe”.
Nope. It is tied to your Social Security number / Tax ID number now.
And remember, total bank deposits in the U.S. are somewhere around TEN TRILLION DOLLARS and the FDIC deposit insurance fund as of March 31, 2012 had a whopping $15 BILLION.
Bottom line: if you think your bank deposits are “insured” or “safe” because of FDIC protection, you’re totally irrational.