I want to sell my house and rent. Where do I take my proceeds check since banks insure only to $100K?

I'll get a check for about $350K. I'm not sure what to do with such a big check when they hand it to me. Go to the bank? Go to a mutual fund office like Fidelity? Go to a brokerage house? Any advice on what people do when they first get huge checks, especially since banks only insure to $100,000?

First of all you can open more than one account. Second of all are you really so nervous your bank is going out of business. Relax and enjoy the extra cash.

i would put it in a mutal fund or something that will give you more interest than what a regular bank will provide you. you will also need to check out your tax situation. with such a large amount you could be taxed heavily on this since you are not putting the money back into a piece of property.

You can open several accounts for $100,000. at different banks.

You may buy private insurance or place it in multiple accounts in the same bank. They will be happy to have your money and should offer you a deal to get that deposit. I did a similar thing in 2002 and had the same concerns. Use a large bank, they will have more options, and you should consider putting that money to work for you and earning value, dividends or interest that exceeds inflation. CD's and money market accounts typically are not good investments and return less than inflation, thus you "loose" money.

Be sure that you do not get in with a trader who is into "churning" to generate commissions. You'll be amazed at who wants a piece of your assets when word gets out. Learn the big 2 letter word, use it well, and repeat it after me: "NO!". Now look at what you can do to enjoy your self and your new wealth while also preserving it. As for investments, the market is "up" and will go down, look at stable consistent investments, perhaps a REIT, set up and/or fund an IRA/SEP and look for shelters. If your gain exceeds $250K for singles and $500K for marrieds be sure to send the IRS their due or pay a penalty and the tax later. Gains are taxed at 15% for long term (including homes), less the exemption provided you lived there 24 months of the last 5 yrs. as your personal residence. If you DO buy stocks mix it up so you are not subject to the "all eggs in the same basket" syndrome and wild stock market swings.

Good luck!

***Contrary to what another said you do not have to roll it back into a real estate investment, you may keep the gain under the threshold tax free and do what you like with it. For once the govenrment got it right.

Neither do you have to place it in several banks. That is cumbersome, confusing and non-productive to you. You may open multiple accounts in a bank or buy the insurance for the excess amounts, it is fairly cheap to do and worth it. Regardless anyi nvestment you make the returns need to exceed inflation or you will loose money to inflationary pressures. Stuffing it in a mattress is not good either, but a good investment program is a good thing.

If you are going to use the bank route then open up several accounts that are under 100k and keep an eye on the amount so it doesn't go over 100k. This way you can have several different types of accounts that are earning different interest rates but offer more or less flexability
Either that or put it under your matteress..

Buy treasurys from the bank not c.d. treasury are backed by the full faith of the us government minimum is 10k

You can open accounts at different banks for $100k each. Each bank insures you for each $100k. I don't know why those answers are thumbs down to someone since your question makes it sound like you didn't already know that.

Certificates of Deposit (CD's) would be the first place that I would look. The interest on them is guaranteed and the longer you place them in there the higher the rate is. Most of the time, in a 24 month CD you should be able to find a APY of around 5%-6%. Of course, you would want to place $100K in 3 accounts, then $50K in the 4th, but you would earn a nice return from those accounts in the next few years.

Your best bet would be to go and talk to a financial planner and let them help you. Don't forget the IRS, you may owe some taxes on capital gains. Good Luck!

Two or three different banks

That greatly depends on what your goals are for the future. Do you wish to invest it for long or short term gains? I would invest the majority of it with a good financial planner. They will sit down with you and help you determine a strategy. Put a small amount in a money market account so that it is accessible if you need it and still earning interest.

Why would you rent? Are you retiring soon? Are you already retired? Why would you want to throw your money out of the window every month? If you are looking for low-maintenence living, why don't you consider purchasing a small condo outright? Wouldn't that be effectively managing your money?

are you on crack? ever hear of capital gains tax? you will be eaten alive unless you invest wisely.....really mull this over.

Put the money in an escrow account or trust fund account.

Don't put all your eggs in one basket. Take the check to one bank have the money transfered to another bank into another account. Are ask the bank what to do. maybe this is per account. If you want to have the money put in three different banks. Don't make a quick decision on mutual funds until you talk to an investment company like Franklin Templeton. Be sure not to put all your cash in the same mutual fund. Some are much safer than others. If you go with mutual funds put most of your cash in safe to moderate risk accounts.

C'mon mate....seriously, .............don't take advice from anyone on the net (don't care what their job title says etc), that's the first thing......secondly, go see your accountant, or if u don't have one, look one up (preferrably one that's been trading for 20+ years & knows all the tricks of the trade)......apart from that......OR.......if u r gonna make a poor decision, THEN give it to me! (is it U.S. currency?! LOL) (-: and yes I know the irony of my opening line then giving u advice...

all the best................good luck.

PUT IT IN MORE THAN ONE BANK.

Am no expert, but if I was you I would split it up. Put 100K in your bank, then split the other funds up in CD accounts and let it gain interest.

Go to 3 different banks if you are hesitant about putting it in one bank. But banks rarely go belly up, so its not really a problem.

Open up several accounts in your name:)

put it in seperate accounts..