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50 Million Dollar Deposit: What About Insurance?

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.

Published on 1/27/09