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    erichardh's Avatar
    erichardh Posts: 1, Reputation: 1
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    #1

    Jul 16, 2003, 05:02 PM
    Banking large sums of money
    If I have come into a large amount of money, more than $300,000, and want to place it into one account, what bank accepts this amount as a balance, or any amount over $100,000?

    Thanks
    msubaseball1's Avatar
    msubaseball1 Posts: 10, Reputation: 3
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    #2

    Jan 26, 2006, 11:31 AM
    Any bank will accept this amount. It is the FDIC that only insures accounts up to 100,000. So if you have more than that in an account, and the bank fails, the FDIC will only replace 100,000 of it.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,302, Reputation: 7692
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    #3

    Jan 26, 2006, 05:27 PM
    Money
    Ok, I would say a couple things, please don't take this wrong

    First you can put 3 million dollars in one back account, but only 100,00 per bank is insured, so if the bank closed up, you can only get back the 100,000.

    If you are not sure about this, please talk to some bank investmet people before you get the money, also understand about taxes that may be due on such a sum, if given to you, gift taxes, if earned income taxes and so on.

    A larger sum of money can normally get better interest in CD's than a deposit account.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #4

    Jan 26, 2006, 05:57 PM
    You should also perhaps consider a safe investment, such as a Government Bond.

    Note: The max covered by insurance per bank is 60,000 in Canada.

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