Question about alot of money?

Question

When a person has Alot of money, like say 100 million dollars...how do they store it in the banks? Do they have like one account or like special accounts for rich people or mutiple special accounts....I ask because it dosent seem right to keep all that money in one single checking/savings account ....i dunno i always wondered..ive heard of CD but i wouldnt want to have my money locked and not be able to touch it for a period of time...

Answer 1

Well if you had that much money and would like to just keep it in a bank, many people will put 100,000 in one bank account, 100,000 in another etc. This is so because in case the bank closes you're federally insure for 100,000 from the FDIC. If you have all 100 million in one bank and it shuts down, all you'd get back is 100,000!

Answer 2

That kind of money is not on deposit......its invested somewhere........

Answer 3

Most rich people invest their money wisely (that's usually how they got rich in the first place).  I would assume they do have various banking accounts with different banks.  Another good way to 'store' your money is in buying art/sculpture/other items that don't decrease in value over time.

I don't think any bank is going to 'lock' a customer's funds if they're really wealthy - the customer wouldn't be happy, and the bank obviously wants to keep you happy to keep your business.

Maybe e-mail Donald Trump or Bill Gates and ask them how they keep their money ^_~