Published on 13 Mar 2023 on MarketWatch
Amid bank failures, savers look to stretch federal deposit cash protection beyond $250,000
After two banks failed within the past few days, wealthy individuals and business owners with hefty cash balances are looking to push the limits of federal deposit insurance coverage.
“Our phones are ringing off the hook,” said Frank Bonanno, managing director and head of marketing at StoneCastle Cash Management, which works with financial advisers and a network of more than 900 banks to maximize deposit insurance coverage as well as interest rates on cash balances. The firm has received hundreds of new account applications...