Hi Gian,
I would tend to agree with that.

That has always been one approach to bank accounts, no matter the size. Even though the FDIC hasn't as yet fallen on it's face, it does take some time to get your hands on the money and you do have to eat in the meantime !!!!

There was an era of Savings & Loan failures awhile back that seemed to bring the notion of spreading accounts among multiple banks to the forefront. But Banks fail all the time and I am not aware of any that were not covered by the FDIC.

My broker, Ox, sweeps excess cash into interest bearing accounts daily (not that the interest rates are worth worrying about these days) but if you are fortunate enough to exceed the FDIC limits, the funds are deposited into separate accounts such that the FDIC limits are not exceeded. I would like to have the problem of worrying about what to do if I were to exceed their deposit limitations, it is a big number that I no longer recall.

Lee