Upping the limit.....cool

I read that Congress is trying to raise the limit from $100,000 to $250,000 on the FDIC insurance you receive on your bank deposits. Funny thing is....the $100,000 limit is really not $100,000 for most people. Let me explain, you can have multiple accounts ion different banks....all the money is covered....

Next you can have multiple accounts in the same bank and be covered for more then 100k. The issue is how you set up to the accounts. As long as the accounts are different, your covered 100k for each account. Let's say a married couple do not want to have their money in two banks....they can have a joint account and then have individual accounts...enabling them to be insured up to 300k in the same bank.

I am not sure how many people have millions in a bank account......so the raising of the insurance limit is just a lot of smoke and mirrors.