Floyd Mayweather fought Logan Paul in an exhibition fight on June 6, 2021 at the Hard Rock Stadium in Miami Gardens, Florida. No winner was announced but both fighters made a substantial amount of money in one night. Floyd Mayeather called this a “legalized bank robbery.” He is expected to have made upward of 50 million dollars.
Rather you win the lotto, inherit money or receive the chance of a lifetime and make millions of dollars in one night like Floyd Mayweather Jr. You’ll need to know what to do with a lump sum of money.
What To Do With A Lump Sum of Money
Lets say you won $1 million dollars. Banks do not limit the amount that you can deposit into your accounts, but the Federal Deposit Insurance Corporation will not cover the entire amount if placed in a single account.
For example, you’d want to deposit the money into different banks that are FDIC insured up to $250,000.00 per bank. If you have a joint account the FDIC will insure you up to $500,000.00.
Also, the bank can place a hold limit on the funds after being deposited into your account. For checking account deposits, banks can hold funds up to 7 to 9 days. One hundred dollars will be available the next business day and $4,900 will be available after two business days.
Savings accounts do not have a hold limit; therefore the bank can hold your funds for any length of time.
Currency Transaction Reports
If you deposit $10,000 cash, your bank will complete a Currency Transaction Report for the IRS. This report will include your name, address, social security number and the date funds were received.
Currency Transaction Reports are used for cash transactions. If you deposit a check the bank will not complete the report.
Banks for High Net Worth Individuals
If you’re a ultra high net worth individual like Mr. “Money” Mayweather, and have upward of $30 million dollars to place in a bank. Here is a list of banks with services for you.
1 J. P Morgan
2. Goldman Sach
3. Citi
4. Morgan Stanley
5. Santander
6. UBS
Disclosure: I have no position in the stock mentioned in this article and have no plans to initiate any position within the next 72 hours. I wrote this article myself. It is solely my opinion. I am not receiving compensation from it and I do not have a business relationship with the company in this article. This is not personal financial advice. Please see a professional before making financial decisions.