Does your bank account balance have a limit? Technically, yes.
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A little while ago a photo of an ATM receipt caused a bit of a stir because it had a balance slightly shy of 100 million dollars, in a regular old bank checking account.
The thought of opening up your phone bank app to find nine figures looking back at you is obviously very compelling especially in a day and age where some 40% of Americans would have to go into debt to cover an unexpected $400 expense.
This receipt was later revealed to belong to a former hedge fund manager who was keeping the cash in a bank account in anticipation of an upcoming investment, but this begs the question.
How much money can you keep in a single bank account?
The answer most banks will give you is that there is no limit, and for the most part this is effectively true. What’s more, is that of course banks will tell you this because they really need depositors’ money to use as collateral for borrowing more money which they will then invest or lend out to the general public which is how they make their profits.
But there is much more to it than that.
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