The Federal Deposit Insurance Corporation (FDIC) does this by insuring customer bank accounts. The Federal Deposit Insurance Corporation (FDIC) insures deposits up to $250,000 per depositor and per account at insured institutions.
How much money can you have in your bank account?
These restrictions can be applied to a single account or to an aggregate of all of your accounts. For example, you may be restricted to a single bank account with a $1 million restriction and a total limit of $3 million across all of your accounts. Depending on your financial institution, the restrictions may be larger, lower, or non-existent altogether.
How much cash do you have in transaction accounts?
The following are examples of transaction accounts: In the year 2019, the mean or average value of the accounts was $42,000. In this case, the median value was $5,300. As a result, once the extremes of bank account balances have been removed, the average person who falls somewhere in the middle has little over $5,000 in cash stashed away in those types of accounts.