Category: Deposits and Withdrawals

A married couple keeps $400,000 in a savings account at a single bank, titled in one spouse’s name only. If that bank fails tomorrow, federal deposit insurance covers $250,000. The remaining $150,000 is exposed. Had both spouses been listed as co-owners on the same account, the entire $400,000 would have been insured. No second bank,…

In 2024, Utah’s state treasurer cut checks totaling $37.4 million to residents who had no idea the money existed. The funds came from forgotten bank accounts, final paychecks never picked up, and utility deposits left behind after a move. One mid-sized state, one fiscal year, $37.4 million returned. Now multiply that across all 50 states….

In fiscal year 2022-23, the most recent year for which the state has published results, North Carolina’s treasurer office mailed thousands of checks totaling more than $108 million to residents who had searched the state’s NCCash.com portal and discovered money they had no idea existed. Old utility deposits. Insurance refunds that bounced back. Final paychecks…

A customer with $25,000 sitting in a standard savings account at JPMorgan Chase, Bank of America, or Wells Fargo will collect roughly $98 in interest over the next 12 months. Move that same balance to a high-yield online savings account at a bank like Marcus by Goldman Sachs, Ally, or Capital One 360, and the…