What kind of bank account do I need to deposit a check of $10 million / $100 million / $1 billion dollars?

If you suddenly have a check for $10 Million Dollars - $1 Billion Dollars. What kind of bank account do you need for this level of cash? I hardly believe a common checking or savings account will suffice.

Comments (14)

Funniest
Mar 24, 2019

Are you helping the Prince of Nigeria free his money up and he's giving you a cut from it isn't he?

thots and prayers

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Mar 24, 2019

Common checking is actually suffice, as the most I've ever seen in a checking was slightly 100mm. Though, you would never put it in one checking because FDIC only insures about 250K. Unless you own a business, someone who has that kind of money would diversify it, maybe to different banks, high yields saving, CDs and etc.

Chances are if you go to a retail bank to open a checking account, I guarantee they will get their FA to bombard you with their investment products.

Mar 25, 2019

if you just want to do banking, any bank will do, but expect the funds to be on hold for a while and for you to get a MASSIVE amount of questions on the source of funds (AML rules and all)

why are you asking

Apr 6, 2019
thebrofessor:

why are you asking

lmao

Mar 25, 2019

any bank is fine. There are different relationship tiers & most banks have elevated service for select members

Mar 25, 2019

It's possible, but like @thebrofessor said, you'll get rammed out the ass with questions about the sources and probably a pretty extensive KYC background check, among other things.

Mar 25, 2019

another question, why are you getting a check for that much money? why not have the money wired?

Apr 6, 2019

Chase Private banking is probably where I'd go, if this is a serious question.

Scientist: Molecular Cancer Genetics.

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Apr 6, 2019

A common checking or savings account will do it.
They will keep your funds locked for a while, bombard you with questions worth $1 billion, after the funds are deposited they will call you every week to "let you know about their investment products"

I'd go with Coutts if you are in the UK, Chase as mentioned above for US. Wells Fargo will be a good option

Apr 7, 2019

when the value is that high, you don't call it a check. you call it a cheque

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Apr 7, 2019

Cheque yo self 'fo you wreck yo self

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Apr 8, 2019

*wreque

"MM, BB, EB, STD, don't matter to me"

Apr 7, 2019

why on earth would anyone be holding a billion in cash

Apr 7, 2019
Comment

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

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