The money goes through escrow first, and yes, spreading a large sum across banks so each account stays under the FDIC's $250,000 coverage limit keeps all of it insured. At closing, your sale proceeds flow into an escrow account held by the escrow or settlement company. From there, the remaining mortgage balance and other payoffs (liens, property taxes, agent compensation, closing costs) get paid out, usually by wire. Whatever is left comes to you as your net proceeds, typically by wire because it clears immediately. One warning that matters: wire fraud is a genuine risk around real estate closings. Criminals send fake wiring instructions by email hoping to intercept your funds. Before any money moves, verify instructions by calling the escrow or title company at a number you looked up yourself, never one pulled from an email. On parking the money, plenty of sellers use short-term instruments like Treasury bills or CDs while they decide on next steps. Yields move with the rate environment, so check current rates when the time comes. And once the amount is significant, the right mix for your goals and timeline is worth a conversation with a financial advisor.