Is there a limit on the amount of money you can deposit in Chase account?

Can a multi-millionaire keep their millions in a Chase account?

Best Answer:

Chis: There is no limit. A person could keep millions in a savings or checking account if they wanted to. Someone with that amount of money would probably at least put it into bond funds, some of which are tax-free for both state and federal, and which earn more.

There is also the issue of an account only being insured up to a certain amount. For someone with a lot of money, if they put it in a savings account at all, it's probably for safety. So they would have to spread their money among various banks, each insured for $250k per account. That only works with a few million. To hold a really large amount of money, they would put it a bank that is large, hoping that the Federal Government would judge them Too Large To Fail if something terrible happened, and bail out account holders.

Other answer:

Chis:
Yes
But there is a limit on how much is covered by insurance in case the bank goes out of business
Daniel:
Yes. However, they would not keep cash in one bank for long. They always put their money to work and make more money.
VITTORIO:
Hmm! Banks cannot guarantee over a certain amount!
Gert:
FDIC only covers $250,000.

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