Hello Rangiebob and congratulations
on the sale of your house !!!
We continued to use the bank we had accounts with for the last decade. Like you, we were not sure what to do with the proceeds from the sale of our home. Re-investing makes sense, just wanted to do some traveling to research the possiblilites. Here is what worked for us:1. Find a relative, friend (or previous neighbor) that does not mind having a 'virtual' roommate.
Our daughter fills this need for us. We set up paperless, online banking...so no bank statements ever arrive at our new 'virtual' home address. Also works great for Verizon, DirecTV, etc., monthly billings and year-end statements.2. Update your DMV registrations, RV/car insurance, (and any other service you plan to use) to reflect your new virtual address.3. Interview potential banks.
If a bank is familiar with you from previous 'stick-home' and working lives, they will be pleased to accomodate the proceeds from your home sale. Discuss FDIC coverage and how best to allocate your funds within their institution. FYI
So glad we did not change banks to one with a significantly higher interest rate: IndyMac. Yes, they were FDIC insured...but what a nightmare.Communicated that we had not yet received utility bills for our new address
...but had the DMV and new insurance cards: all with our new virtual address. Had already received a Directv confirmation change-of-address, so showed that also. We were upfront:
newly retired, just sold primary residence, planned to do a bit of traveling, new address was our home-base. Also upfront about interviewing other banks in regards to interest rates, etc.
Bank was pleased we chose them with the proceeds from our home sale. We were/are pleased to continue with a familiar bank.
Hope this helps!