Your questions answered
Common banking questions of high-net-worth individuals
When you have a private banker, you have a person in your corner ready to make managing your personal finances hassle-free. They’re keenly aware of your situation, goals and the path forward. Most of all, you have a resource ready to answer your questions.
Because the needs of high-net-worth individuals are unique, we are asked many questions. Here are a few common ones about protecting funds and the types of personalized solutions available to private banking customers.
How much of my money is protected by FDIC insurance?
The Federal Deposit Insurance Corporation covers up to $250,000 per depositor, per insured bank, per ownership category. Private Banking customers are often surprised to learn that strategic account structuring and the use of unique savings vehicles like CDARS® and ICS®, the IntraFi Cash ServiceSM can expand FDIC coverage. Your private banker can put these solutions to work for you.
Can I obtain more than $250,000 in FDIC coverage without opening accounts at multiple banks?
Yes you can. You can enjoy peace of mind, flexibility and returns when you access CDARS® and ICS®, the IntraFi Cash ServiceSM, through Fidelity Bank. We stand ready to help you access multi-million-dollar FDIC insurance at IntraFi network banks while working directly with just us. That saves you the hassle of managing multiple bank relationships while still enjoying the protection of having your large deposit eligible for FDIC insurance.
What’s the difference between using IntraFi with Fidelity Bank and opening accounts at multiple banks myself?
When you personally open accounts at multiple financial institutions to obtain more FDIC coverage, you also take on the responsibility of managing more paperwork, account logins and statements. When you work with Fidelity Bank to access the IntraFi network you get the same expanded FDIC coverage with much less complexity. Your private banker handles everything, and you receive a single statement, allowing you to avoid wasting your time on administrative tasks.
As a private banking customer, am I eligible for perks like preferred rates or higher limits?
Yes. Two of the valuable aspects of being a private banking customer are access to preferred deposit rates that help you grow your money faster and increased daily transaction limits that give you greater flexibility in managing your finances. We call this service beyond limits.
Will having properly designated beneficiaries help protect my funds and ease the burden of transitioning my wealth?
Most certainly it will. Designating beneficiaries for your accounts greatly simplifies the transfer of your assets by providing clear direction and avoiding legal and probate roadblocks. It also expands your FDIC coverage, with each qualifying beneficiary adding another $250,000 of protection for your account. Your private banker can guide you step-by-step to make sure you have properly assigned beneficiaries and enjoy all the associated benefits.
Do you have more questions? We have answers.
Our private banking team works with customers every day to streamline their personal finances, maximize their outcomes and empower them with the knowledge they need to make confident decisions. If you need help, connect with us. We stand ready to deliver service beyond limits.
