Mdawgs Investments

Quote: MDawg

One of the banks where I keep funds offered to me today the opportunity to put funds in what they call a "vault" which spreads the funds among 12 banks, increasing the FDIC insurance to $3M.

This sweep network provides up to $3M in FDIC insurance by automatically spreading your deposits across up to 12 different banks, without requiring you to open and manage separate bank accounts.


Clearly banks are trying to come up with something to ease bank failure concerns.
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We’ve continuously worked with our partner banks to offer additional FDIC insurance — first to $1M, then to $3M.

Now, we’ve gone a step further. By Monday, you will have access to up to $5M in FDIC insurance — 20x the per bank limit.

Quote: MDawg

Quote: MDawg

One of the banks where I keep funds offered to me today the opportunity to put funds in what they call a "vault" which spreads the funds among 12 banks, increasing the FDIC insurance to $3M.

This sweep network provides up to $3M in FDIC insurance by automatically spreading your deposits across up to 12 different banks, without requiring you to open and manage separate bank accounts.


Clearly banks are trying to come up with something to ease bank failure concerns.
link to original post

We’ve continuously worked with our partner banks to offer additional FDIC insurance — first to $1M, then to $3M.

Now, we’ve gone a step further. By Monday, you will have access to up to $5M in FDIC insurance — 20x the per bank limit.
link to original post

That isn't something new. Occasionally I'll be over 250K in cash at Fidelity or Personal Capital and they spread the accounts once you hit 240K

If it's just a normal sweep of your IRA it doesn't increase FDIC insurance over 250K, or SIPC insurance over 500K

https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/fdic.pdf

Some sweeps result in increased insurance, others do not.
https://www.fdic.gov/news/financial-institution-letters/2009/fil09039a.html

Meantime, BTC jumps over 28K. 😃

Quote: MDawg

Meantime, BTC jumps over 28K. 😃
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As long as the Fed continues to raise rates it will continue to go up. Of course, it is likely this weeks increase will be the last for a while.

The “experts” have continually underestimated rate hikes over the past year.

We have a looong way to go to get back down to 2% core inflation and Powell keeps stating they will do whatever is necessary, even saying he’d rather raise rates too much than too little

Don’t be surprised if rates go significantly higher and stay there significantly longer than the general consensus, which hasn’t been correct yet

Getting spammed heavily today with these Phishing attempts. Received about a dozen of these so far, some with attachments some without, all of which I reported to Spam Cop. They do not come from Gemini - they are actually coming from a Hotmail email 😅 but they were clever enough to send them to my one email that is actually attached to a legitimate Gemini account.





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Contract cancelled: Completion of services