It is possible to deposit one million dollars in a bank. However, depositing one million dollars in one bank account creates a balance that is above Federal Deposit Insurance Corporation limits. If the deposit is in cash, additional paperwork will be required by the bank to accept the deposit.Know More
According to the FDIC, an account is insured for up to $250,000 for each owner on the account in the event that the bank fails. For example, a joint account with two owners is insured up to $500,000. Spreading one million dollars over multiple types of accounts, such as checking, savings, money market and certificates of deposit can distribute the money so that it falls within FDIC coverage limits.
When a deposit of more than $10,000 cash is made at a bank, a form called a Currency Transaction Report (CTR) must be filled out by the bank employee accepting the deposit. The form must be filled out even if the amount is spread out over several transactions throughout the business day. A CTR asks for identifying information about the depositor and is used to help prevent money laundering.Learn more about Bank Accounts
Discover Bank's website lists the five ways to make a deposit, which include an online transfer from an external bank account, direct deposit, via a mobile phone along with Discover's mobile check app, wire transfers and mailing a check. Wire transfers may have a fee associated with them.Full Answer >
To open a Capital One bank account, users must first visit the Capital One website; the website may prompt users to enter their zip codes to reveal regional offers. Users can select the option to open a checking or savings account by hovering over Bank on the top menu bar.Full Answer >
A person can transfer funds from two different banks at one bank if the primary bank has an external transfer service. In most cases, these transfers are done online rather than at the bank branch, explains Matthew Amster-Burton for Mint.com. Alternatively, a person may transfer money between two accounts by writing a paper check.Full Answer >
When measured in U.S. dollar bills, a million dollars weigh 2,202.6 pounds. The denomination of bills has a big effect on the weight.Full Answer >