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.

 

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.

 

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

 

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