Where to initially put big money

[sorter]

Let's say I'm getting a 20 million dollar check. What/where is the safest, cheapest way to deposit it?

Put $250,000 in 80 new bank accounts so I'm protected by FDIC?
A no load (yeah, right) investment firm?

I'm NOT talking about long term investing. Only where to park the money until I figure out the long term.

 

[zshi99]

Can you split this single $20 mil. check into 80 checks?

 

[AccountantSalary]

I will keep it safe for you. But I will need cash

Brokerage houses, such as Charles Schwab, insure their accounts through the Securities Investor Protection Corporation (SIPC) for up to $500,000, with a limit of up $250,000 of uninvested cash balances.

So you could buy up to $250,000 of very safe and liquid bond and keep $250,000 in cash at each brokerage house.