Closing on commercial property…Where to temporary hold money??

[Monterey298sc]

We are closing on 2 commercial property’s and the title company wants to electronically transfer to a account. A total of about 1.7 M . I see I should not deposit more than 250,000 in any one account. However they want just 1 account to transfer to. Where to transfer? Vanguard money market?
Credit union account

 

[COcheesehead]

I was in the same boat. I just had them transfer to my brokerage joint account and then divided it up from there.

 

[OldShooter]

... I see I should not deposit more than 250,000 in any one account. ...

That's based on the FDIC insurance limit. When's the last time you've read about a bank failure where any depositors lost money? IMO worrying about FDIC insurance is a waste of energy when most of our portfolios are (a) uninsured and (b) much riskier than a bank account anyway. YMMV of course.

 

[Montecfo]

Brokerage then buy t-bills.

 

[Helen]

If it's a joint account then the FDIC limit is $250 per person.