I received a Certified Cashier's Check for $50,000,000 from a bank, through an individual customer. How can I deposit such a large amount of money when the FDIC insures only to $100,000? Can I ask the bank to swift/wire the money to an offshore bank? How about electronic deposit to a different US Bank? How else can you get paid instead of getting a Certified Check?
Talk to your bank about FDIC coverage of your deposits. To begin with, the FDIC standard maximum deposit insurance amount (SMDIA) has been increased temporarily to $250,000 (through 12/31/2009).
Secondly, if your bank participates in the Transaction Account Guarantee (TAG) program of the FDIC's Temporary Liquidity Guarantee Program, deposits in non-interest bearing transaction accounts at the bank will be fully guaranteed by the FDIC in addition to its normal insurance coverage. The TAG coverage is valid through 12/31/2009, also. That will be more than enough time to deposit the check, make certain that it's paid, and move funds around, invest them, etc.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.