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I’ve never received $7M but a few times I’ve handled large sums (when buying a house and previous startup exit) and it felt so weird to be how completely normal it was. Like just… oh yeah go ahead and write a cheque for six figures. Or do an e-transfer into your chequing account for six figures. It felt like… no there has to be a whole special world for large sums, no?

by rmunn4 hours ago|

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I'm sure there is special handling for large sums... but six figures isn't it. Businesses routinely write checks for half a million dollars, two million dollars... it's perfectly normal to see such amounts within the banking world. There might be some extra scrutiny on the back end that you don't see, but since it's well within the realm of normal operations that the bank sees happen every day, it's nothing special.

Now, eight or nine figures, that's probably going to pass the threshold for special attention. As in, you might be required to go to the bank in person with photo ID in order to authorize the transaction, that sort of thing. But under 10 million U.S. dollars? Many businesses will handle those amounts monthly, and the bank is used to seeing them.

by UltraSane2 hours ago|

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What is it like when billionaires sell like $10 billion worth of shares? Do you need a special bank account to hold that much?