Is there a legal limit to depositing extremely large amount of money into a checking account?

I have heard that if you win the lotto, there are regulations that keep you from depositing a check for say, $62,500,000 into an account? How does that work? Do you have to have a special account or can you deposit such large amount into a plain basic checking account at your local bank?
Answer:    My parents won the Colorado State lotto back on 30 January 1993 when I was 13 (I'm all grown up, married, have my own family and live out of country now).
http://www.coloradolottery.com/games/num...
(only my dad's name appears on the sheet - & if you want to know who he is, look at my 360 page and see where I grew up)

They won 5 million, but there were two other winners so each wound up only getting $1,783,674.00. Back then they only had annuity (to be paid out over 25 years) so they're still getting their yearly checks.

There is no regulation that prohibits you from making large deposits into a bank. There is however an FDIC regulation that requires banks by law to report any CASH transaction over $10,000. http://www.fdic.gov/regulations/examinat...
When a person wins the lottery, they are given a check, not cash (even if they choose the cash option, they are given a check - the cash option just means all taxes are taken out up front) so this rule would not apply.

Also, whenever you deposit money, the bank verifies the funds before making them available to the customer. For large sums of money they usually put a hold on the funds for a week.

It is advisable NOT to put that much money into a checking account, but rather to put it into a high-interest savings account that holds a higher insurance rate. Most accounts are only insured up to $100,000 http://www.fdic.gov/regulations/laws/rul...
while retirement accounts are covered up to $250,000 http://www.fdic.gov/deposit/insurance/in...
Banks only insure small portions of money usually up to 200,000 dollars, So if you have 1 million dollars in there they might go say they "LOST" you're money, but refund you 200,000 dollars, You have to open several accounts in order to safely maintain millions.
You can deposit it. There are limits to the size of deposits, and to the size of cash deposits, that the banks have to report to the IRS. And there are limits on how much any one account holder can have in any bank and have it FDIC insured.
From what I understand, if you deposit $10,000 or more, you have to fill out a form for the bank to submit to the government on where it came from.

Supposedly, you can deposit $9,500 each day, not sure if they have figured that one out yet.
Bank accounts are only insured up to a certain amount. Also if you deposit $10,000 or more in cash, the bank is required to report it to the IRS.
I don't know but if you need help keeping an eye on some of it, I will be more than glad to assist you with that matter.

If I had that much money I don't think I would be worried about where I was going to put it. I think I would put it some where in a place that I could look at it every day for awhile before I gave it up to a financial adviser.

All kidding aside. If you are serious, I would call a financial adviser before I did anything. Actually, I would interview quite a few first. I would have questions ready for them and write down the answers while they talked so I could remember who was who.
You don't want to deposit this kind of money into a checking account because the max amount that will be FDIC secured is One hundred Thousand. Talk to a financial advisor.
No, there is no legal limit to the amount of money that can be in a checking account. The bank can deny you access to the funds until the check has cleared, but they can do that with any check except for payroll checks and I believe certified checks. There are triggers which they need to report to various authorities, as mentioned by other respondents, but these are the banks problem, not yours. You might need to fill out paperwork. If you are trying to hide illegally gained funds from the tax-man, well, you're out of luck if you want to use a bank. That is what safe deposit boxes and Caribbean or Swiss bank accounts are for :D

The rational amount of money to hold in one bank for an extended period of time is $100,000 in insured deposits, because that is the limit the FDIC insures. It does not make much sense to keep large amounts of money in non-interest or return bearing accounts. However, you have to put the windfall somewhere, and unless you have access to other types of accounts and have already picked a financial adviser, you are much safer putting your money in a checking account until you know what to do with the money, than keeping the check on your person.

State and Federally chartered banks are highly regulated and the U.S. banking system has been very stable for the past 15 years (since the failure of many savings and loans). This is not the 1920s where bank failures were common. I'd take the money to WaMu or BoA and it will be there tomorrow or in a week when you have decided what you want to do with the money.
congrats on winning the lottery! (-; you can deposit any size check in your account but if it's above a certain amount they take a lot longer to clear it. they will tell you x percent clears in 5 days, x percent in 10 days, etc.
You could deposit it in a plain basic checking account but I don't know why you would since it probably pays no interest, and it's only insured up to $100,000. You could scatter it around among 625 banks to get the FDIC insurance but that's a lot of work. If I had $62.5 million I would open a brokerage account and buy short-term U.S. Treasury securities until I figured out what to do with it. T-bills pay 5% and are exempt from state taxes.

Related Questions and Answers...