Large sums of money question?

Question

I have always wondered, if you win the lottery for example, or you just have a huge sum of money, where would you deposit it because you cannot risk depositing it in a bank due to the fact you are only federally insured up to $100,000.

Answer 1

Each FDIC insured bank you deposit money into is insured up to $100,000 per account. If you are married you can have up to three accounts in each bank insured up to $100,000 each: one in your name, one in your spouse's name and one held jointly.

My question is why do you want to put it all in the bank? Are you that afraid of risk that you wouldn't invest in a broad mix of equities, maybe balanced with some bonds or other assets?

Seek the help of a Certified Financial Planner to help you with your options; that is if you have money and want help with how to use it to achieve your goals.

Good Luck

Answer 2

No one that knows what they are doing with that kind of money is the least bit concerned with FDIC insurance. You can get MUCH better returns without significantly more risk buy learning to invest wisely. If you have over $100,000, you can afford to learn.

Answer 3

Yes you can deposit it in a bank, but in a big one, like city bank, or chase. Try swiss banks. Also you should invest it in property, land stocks, gold, and other things that give you pleasure.
Like they say don't keep your eggs in one basket.

Answer 4

100k in each and everybank you can find, invest in gold, other assets. property, buy my own island and sit on a pile of cash. ahhhhh