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.
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
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 >
A deposit ticket, or deposit slip, is a form provided by banks to customers depositing money so that a paper record exists of the specifics of the deposit. Information included on the ticket includes the breakdown of funds over cash and check, the date of deposit, the account in which the deposit is made and other entries.Full Answer >
The primary disadvantages of fixed deposit investments are the lack of flexibility to access funds and the relatively low return on investment. The funds are illiquid and cannot be withdrawn from a bank whenever the owner wants. The low return on investment is tied to a correspondingly low risk; fixed deposit investments are much safer than many other investments.Full Answer >