Is it true that you can only have 100 thousand dollars in bank accounts?

Question

i know somebody who is getting money from a lawsuit and they are getting about 800 thousand. Now i have heard that you can only put 100 thousand dollars in your bank accounts and no more, is that true?

if you answer can you back your answer up, i really need to know

also i heard the government will take money out of accounts that have 100 thousand is that true also??

PLEASE HELP!!

Anonyme · Accepted Answer

You can put any amount of money you want into the banks - however if the bank goes bankrupt or goes under - the FDIC will only insure your accounts UP TO $100,000.

I would suggest your friend invest the money.  Consult an financial adviser.  Given the current state of the economy, they will point you in the right direction.

Anonyme · Answer

There is no limit for the amount you can have in a bank. Upto 250 thousand are insured by FDIC and you might lose anything above 250 thousand if the bank goes bankrupt of some reason. It was 100 thousand limit before.

? · Answer

There is no limit on how much you can put into an account
But accounts are insured up to 250k.  So if the bank goes under the other monies are not insured against loss.
Someone receiving that large a sum should contact a financial planner and put that money into mutual funds and bonds.  Not leave it in a savings account.

buz · Answer

The FDIC insurance limit for individual accounts at a single bank is $100,000 - but you can have accounts at different banks, and each one is insured up to $100,000.

Is it true that you can only have 100 thousand dollars in bank accounts?

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