What Is The Most Amount Of Money You Can Have In A Bank Account?
Like if the guy that owns myspace wanted to sell his site for 900 million dollars, How would they pay him if he didn’t want the money in shares? Could a bank handle that much money? Big business men have investors working for them, they barely have anything in a bank.
Answers will be appreciated.
i work for a company that develops software for banks. our system’s take into account numbers that go up to 16 digits before the decimal seperator. so thats $9.999.999.999.999.999,– (aprox 10 penthillion, which is about a 100 million times the amount of money bill gates owns or 5 million times the national budget of the united states )
but then again, thats only a technical limit. should the need arise it could be raised. what could also be done is to factor it like we do with the yen right now. yens are administered by 1000’s
There is no limit to the amount you can deposit in a bank, but there are reasons to not keep too much in bank accounts. First, currently the FDIC only insures deposits up to $250,000 per person, per bank. That coverage will drop back to $100,000 on Jan. 1, 2014 (retirement accounts will remain insured up to $250,000). So, if you had $1 million in one of the many banks that failed this year, you would only be entitled to recover $250,000. Anything above that would be lost.
Second, the rate of return on money left in a bank is very low compared to what knowledgeable investors can expect to make in outside investments such as stocks, bonds, real estate, venture capital, art, etc. The risks may be somewhat higher but so can be the rewards. In any case, when you have a significant amount of money to invest the first rule of thumb is to diversify. As the saying goes, never keep all your eggs in one basket…
the 900 mill wouldn’t have to be in physical paper cash – that’s ridiculous – you pay with checks or bank transfers
Depends on the size of the bank, larger banks have bigger vaults. (and more security)