The only safe way to keep your money in the bank is to not spend it. If you are determined to keep your money in the bank and you don't want to spend it, I suggest putting it into a savings account and having the interest deposited into your checking account each month.
Bank of America, Citibank, Union Bank, and HSBC, among others, have created accounts that come with special perquisites for the ultra-rich, such as personal bankers, waived fees, and the option of placing trades. The ultra rich are considered to be those with more than $30 million in assets.
Savings accounts are a safe place to keep your money because all deposits made by consumers are guaranteed by the Federal Deposit Insurance Corporation (FDIC) for bank accounts or the National Credit Union Administration (NCUA) for credit union accounts.
Millionaires put their money in a variety of places, including their primary residence, mutual funds, stocks and retirement accounts. Millionaires focus on putting their money where it is going to grow. They are careful not to invest large sums into items that will depreciate.
You can take out a large amount of cash out of your bank account. There is no cash withdrawal limit and you can withdrawal as much money as you need from your bank account at any time, but there are some regulations in place for amounts over $10,000.
Most banks will deposit the majority of their reserve funds with their local Federal Reserve Bank, since they can make at least a nominal amount of interest on these deposits. Banks tend to keep only enough cash in the vault to meet their anticipated transaction needs.
Banks do not impose maximum deposit limits. There's no reason you can't put a million dollars in a bank, but the Federal Deposit Insurance Corporation won't cover the entire amount if placed in a single account. To protect your money, break the deposit into different accounts at different banks.
In short, there is no limit on the amount of money that you can put in a savings account. No law limits how much you can save and there's no rule stating that a bank cannot take a deposit if you have a certain amount in your account already.
Ultra-wealthy individuals invest in such assets as private and commercial real estate, land, gold, and even artwork. Real estate continues to be a popular asset class in their portfolios to balance out the volatility of stocks.
No. No one keeps much in actual cash in something like a checking or savings account because the FDIC only insures accounts to $250,000 per account per bank and if you have billions you can only spread it around to so many banks until you run out of options.
Yes they are required by law to ask. This is what in the industry is known as AML-KYC (anti-money laundering, know your customer). Banks are legally required to know where your cash money came from, and they'll enter that data into their computers, and their computers will look for “suspicious transactions.”
The best financial reason for not leaving cash at home is that you don't earn any interest on your savings. ... It's far better to keep your funds tucked away in an Federal Deposit Insurance Corporation-insured bank or credit union where it will earn interest and have the full protection of the FDIC.
Ideally it would be a US Treasury check. Or a Treasurer's Check or Cashier's Check from a large bank. Or a Certified Check, endorsed by a large bank. You might be able to cash such a check, if it were written by a very large and well funded corporation, and the check could be proven to be authentic.
Bottom line. Any individual or entity that has more than $250,000 in deposits at an FDIC-insured bank should see to it that all monies are federally insured. And it's not only diligent savers and high-net-worth individuals who might need extra FDIC coverage.
At the moment of deposit, the funds become the property of the depository bank. Thus, as a depositor, you are in essence a creditor of the bank. Once the bank accepts your deposit, it agrees to refund the same amount, or any part thereof, on demand.
Originally Answered: Can a bank refuse to give you your money? No the bank has no right to refuse your money, however due to various regulations in which bank operates (Jurisdictional laws) they may put on some restrictions on the amount you may withdraw.
The good news is your money is protected as long as your bank is federally insured (FDIC). The FDIC is an independent agency created by Congress in 1933 in response to the many bank failures during the Great Depression.