I was meeting with a client today, he told me that another bank’s private banker told him that they can provide unlimited insurance for client’s deposit account (Checking, saving, non-investment related accounts). I have not heard that before, anybody has some experience with those? I am think some of the insurance must be done by private insurance instead of FDIC. Any detail would be greatly appreicated. Thanks.
Yeah, it would not be FDIC insurance. I don’t believe there is a way to exceed the current $250,000 coverage limit unless you go to a private insurer. Many banks and brokerages (SIPC) do this quite often.
Even SIPC has a limite, I would like to know if such thing is offer by some bank.
there are banks (usually large custodian types) that will guarantee/insure a balance. The caveat, however, is that the balance is in a non-interest bearing account. Thats what I’ve seen anyway.
^Aren’t those for business/commercial accounts only? What about personal accounts?
I dont know about personal accounts but don’t see why it would be any different. When I discussed it last it was not in the context of a business or individual specifically. ws-I dont know where you are, but I’d call someone like BNY-Mellon and ask them for more info.
I am in Atlanta, GA. I guess I can call some other large institution to find out.