What happens if my bank fails and I have 2 million dollars in one account?

Question

Also what can I do about this to protect what I have?

Answer 1

Get it out NOW and bury it in the back yard like normal people do.

Answer 2

Check with the FDIC to see how much they insure.

Answer 3

Managing that kind of money is a full time job.  Having said that I will give you some advice.  (I am not sure that you actually have the $$ I think the question is rhetorical)  When you accumulate cash assets there are many ways to handle money, the easiest way is to research a mid sized bank, develop a relationship with them and ask them to take out an additional insurance policy to supplement FDIC.  Another thing to consider when relying on the 100k FDIC is that they do not guarantee repayment of your funds dollar for dollar.  They can pay as little as 10 cents on the dollar.  This is a federal government program and historically the government is not a good source to rely on.

Answer 4

You shouldn't have $2,000,000 in one BANK, let alone one account.  If the bank fails, the FDIC (aka Federal Government) insures $100,000 per account holder.  IF the assets of the bank are sufficient, you MAY get part or the excess back eventually.

Answer 5

What kind of MORON puts 2 million dollars in one bank account?  That just lets everybody know that you don't have but about $36 in your bank account!  Why in the h**l would you be asking that on yahoo answers.....  How many millionaires have you seen running around here.  Quit lying and go out and really try and make 2 million dollars.  Was that not enough to afford a CPA, Financial Adviser, lawyer etc.???  I can't stand when people come on here and lie through their teeth.  You would definitely know what to do with 2 million dollars if you had that kind of money, not asking average Joe's what to do!  Go look at yourself in the mirror and grow up.

Answer 6

The bank will only pay for the maximum insured amount which is quite small. There is a wise saying that, "You should never put all your eggs in one basket!". Good luck!

Answer 7

You're insured for the  first 100,000.00 For the rest, you're screwed....

Answer 8

This is why banks a re FDIC insured.  Check with the bank

Answer 9

FDIC only insures up to 100,000 per account.

Answer 10

It all depends. You will be insured up to 100k and then when FDIC sells all the banks assets you and the rest of the uninsured depositors will receive the proceeds from the assets. This could be all of your money, but most likely not. For instance, the consumers with the recently failed IndyMac will probably only get back about 50% of their uninsured money.

You can structure your accounts differently and be protected for more than 100k in one bank but there aren't that many ways to protect all your 2 million dollars. You can look into this or move your money to a bigger and more secure bank. (Like Bank of America).