How would I deposit a check in an amount over $100,000.?

Question

I understand banks only insure $100,000. and I am wondering how best to protect the money prior to the purchase of mutual funds, property, etc.

Answer 1

Check out the bank and find a good one. You can find their financial statements and figure out if they are strong.
Then once you deposit the check write checks to other banks to spread it out if you are still worried.
If you are investing in other things they aren't issured so learn to accept risk.

Answer 2

There are a couple strategies you can use. It's not as simple as opening multiple accounts - if the accounts are all in your name, you're still only covered up to $100,000.

One thing you can do is find a bank that offers CDARS services (Certificate of Deposit Account Registry Service). Your bank will then open CDs for a term you specify at multiple banks, with each CD being under the $100,000 limit. That will protect ALL your funds, but you have the convenience of dealing with one bank, and having everything on one statement. You can find out more about CDARS at http://www.cdars.com/find-cdars.html . But be sure to ask about the fees involved. If you don't mind having your money in CDs, that's an option worth looking at.

Another thing is for you to open accounts at multiple banks. You can deposit the check in your main bank, then transfer the amount over $100,000 to your accounts at other banks so each account has under $100,000. As soon as your original check clears, you can move the excess, so you'll be completely protected with the tiny exception of the few days you have to wait for your check to clear. That option gives you access to your money at any time but you have to deal with multiple banks.

A third option is to open multiple accounts at your main bank, with each one "titled" differently. But this is the trickiest option because the rules can be complex. I would not recommend this because if you don't do it correctly, even if the bank tells you how to do it, you might not be covered.

Answer 3

deposit just like any other check, if you feel the need to do so open another account in a different bank and transfer some of the 100,000 thousand to that bank account.

Answer 4

they cover 100k of insurance per account....so deposit it into the bank into 2 different accounts..or better yet put some into a muttual funds..much better return then the bank and the operate like a checking account to get access..

Answer 5

I believe that bank insure 100,000 per account, you can open mor then one.

but you should prolyl invest that money if you not using it.

bank account doesnt have a good return.

Answer 6

Is your bank about to declare bankruptcy? If no, then don't worry about it in the short term. Just deposit the money

Answer 7

You can deposit any portion of that in an account in my name.

Oh the goodness of being me!

Answer 8

Make sure the bank is FDIC insured.