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Old 10-05-2014, 09:47 PM   Nav to Top  #1
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Default Brokerage account "cash" balance FDIC insured?

My understanding is most investment accounts at brokerage firms are not FDIC insured.

However I have a friend who has a TD Ameritrade brokerage account and he said he noticed something different.

Let's say his account has 200K, where 100K of it are in stocks, and the other 100K in cash - well not exactly cash but held as money market assets. But when he looks at his account balance it shows the cash as:

Cash Sweep Vehicles Interest Rates
Cash in the IDA is held at TD Bank, N.A., TD Bank USA, N.A., or both. Assets at each bank will be eligible for FDIC insurance of up to $250,000 per depositor. Because there are two banks in the IDA program, IDA balances could be covered for up to $500,000 per depositor. TD Bank N.A. and TD Bank USA, N.A. are affiliates of TD Ameritrade.

So, that means his cash position is FDIC insured for up to 500K?

I have accounts with Schwab, JP Morgan, Fidelity and I think not a penny of it is FDIC insured. Seems like a good feature to have? Or may be they all do I just didn't see the fine print?
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