Cryptocurrency Q&A
Can I deposit 1 million cash in a bank?
Can I deposit 1 million cash in a bank?
DigitalTreasureHunter
Fri Oct 11 2024
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6 answers
1632
I have a large amount of cash, specifically 1 million, and I'm wondering if it's possible to deposit this entire sum into a bank account. I'd like to know if banks accept such large cash deposits.
6 answers
DaeguDivaDanceQueenElegantStride
Sun Oct 13 2024
Typically, the process of depositing funds into various financial institutions is not subject to any restrictions, allowing individuals and businesses to transfer their money freely.
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CryptoTitaness
Sun Oct 13 2024
However, when it comes to the protection offered by the Federal Deposit Insurance Corporation (FDIC), there are certain limitations to the amount of funds that can be insured.
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KimonoSerenity
Sat Oct 12 2024
The FDIC is a federal government agency that insures deposits in banks and savings associations up to a specified dollar amount per depositor, per insured bank, for each account ownership category.
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Andrea
Sat Oct 12 2024
The standard insurance limit per depositor, per insured bank, is currently $250,000. This coverage applies to the total of all deposit accounts that an individual has at each insured bank.
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Elena
Sat Oct 12 2024
It's important for depositors to understand the details of FDIC deposit insurance to ensure that their funds are adequately protected. The Understanding Deposit Insurance section of the FDIC's website provides comprehensive information on this topic.
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