2007-02-22 16:16:25 · 9 answers · asked by Desmond M 1 in Business & Finance ➔ Personal Finance
Any bank. A Million dollars is not much nowadays! $20 Million is a different case.
They would use many normal banks and spread their money around. For larger accounts, most banks offer private banking for their larger-worth customers, where a bank officer may oversee 10-20 accounts.
2007-02-22 16:21:13 · answer #1 · answered by Anonymous · 0⤊ 1⤋
If I were a millionaire, or when I am, my bank will probably not change too much. I will however keep care to not put in more than is insurable by the FDIC, so it will be split into several accounts Additionally, banks have what they call Private Banking Services. These people ONLY work with the super rich customers.
2007-02-22 16:29:02 · answer #2 · answered by batwanda 4 · 0⤊ 0⤋
Wells Fargo and Citi bank are 2 of the largest, with a lot of branches all over the country.
2007-02-22 17:40:55 · answer #3 · answered by mslider2 6 · 0⤊ 0⤋
Well, you can invest wherever you like, but you'll want to be sure your investments are insured. I think the FDIC insures up to $200k per institution. There may be some investment banks and trusts that handle larger accounts, but I'd certainly research them thoroughly--and not online---before I set up an account.
I'd beware of flexible interest rates. I'm one who likes sure things and fixed APR's on investments. I don't want to wake up one morning and find that my investments are losing my hard-earned dollars. I view this as "having holes in my pockets".
As a new millionaire.. (wow, my little mind can't quite go there) you'll want to watch out for folks who'd LOVE to have part of what you've got and you'll want to protect this property.
It's okay to set aside a certain amount of money to "play" with, but I'd watch myself and be sure that most of my money and investments were making more money for me, if I were in your shoes.
You probably don't want any one or any thing chipping away at your newly-acquired fortune.
2007-02-22 16:31:13 · answer #4 · answered by Peggy K 5 · 1⤊ 0⤋
Universal bank.
2007-02-22 16:29:56 · answer #5 · answered by NB 2 · 0⤊ 0⤋
If your near a PFF bank...GO THERE...Best bank and takes care of high end people...If not...I don't really know what to tell you!!!
Because i won't trust any other bank...I guest you might be able to go down to your city hall and tell them whats going on and maybe there tell you about a federal bank you might be able to use!!!...Who knows!!
2007-02-22 16:25:20 · answer #6 · answered by `~Its love~` 3 · 0⤊ 0⤋
An offshore bank. Out of the reach of the IRS.
2007-02-22 16:19:21 · answer #7 · answered by Guncrazy 4 · 0⤊ 1⤋
My bank, just email me your account numbers and I'll take care of your money. My interest rates are the best available.
2007-02-22 16:19:16 · answer #8 · answered by white.sale 3 · 0⤊ 2⤋
PIGGY BANK
2007-02-22 16:18:59 · answer #9 · answered by cork 7 · 0⤊ 3⤋