Bank policy on large checks

[alkemyst]

go to the bank where it was issued, cash it there. they should see the fund there and just debit it. i don't know why you need to wait for it to clear especially from the bank that issued it.

200k maybe a lot to some, i certainly don't think it is a lot of money to a bank.

Good luck with that.

They are still going to need to make sure the person that wrote the check did so. They aren't just going to pick up the phone to do this unless they have a very close relationship with that customer.

Also many banks will not cash checks drawn on themselves today unless you have an account there too.

Sign of the times...

 

[Red Squirrel]

For that amount I'm thinking it's normal. My worse fear would be that if the government gets wind of it. They'll probably tax it.

 

[NeoV]

the policy is stupid - I've been hit with that several times myself - including a government issued tax refund check they wouldn't make available right away.

 

[manlymatt83]

My checks are available for debits the same day, and available for withdrawal the next day. Amount doesn't matter - though I've only done it up to $15k.

 

[AstroManLuca]

I recently went through a nightmare between my regular bank (US Bank) and my credit union. I sold my previous car and put the money in my credit union (about $6k after paying off the remainder of the loan). I had them write me out a cashier's check so I could put it in my regular bank, but when I did that, US Bank just held onto the money for days and days, refusing to let me touch it. I needed the money to buy another car last Saturday, but they treated me like a con artist or something and said that while I would be allowed to make small purchases, the money hadn't been "collected" yet and thus I wouldn't be able to take it out in order to buy the car. They wouldn't call my credit union to confirm the funds were available, so eventually I called the credit union myself and had them do a stop payment. The funds snapped back into the credit union account and I was all set.

I'm ditching US Bank at the earliest opportunity. They weren't just unhelpful, they were rude and dismissive. The credit union is such a pleasant experience.

 

[Rage187]

10 days before it is all available although 10% is usually available right away.

 

[sactoking]

I might be mistaken but when there is a long hold isn't it because the bank it waiting for the check to pass through the Fed Reserve clearinghouse?

 

[alkemyst]

I recently went through a nightmare between my regular bank (US Bank) and my credit union. I sold my previous car and put the money in my credit union (about $6k after paying off the remainder of the loan). I had them write me out a cashier's check so I could put it in my regular bank, but when I did that, US Bank just held onto the money for days and days, refusing to let me touch it. I needed the money to buy another car last Saturday, but they treated me like a con artist or something and said that while I would be allowed to make small purchases, the money hadn't been "collected" yet and thus I wouldn't be able to take it out in order to buy the car. They wouldn't call my credit union to confirm the funds were available, so eventually I called the credit union myself and had them do a stop payment. The funds snapped back into the credit union account and I was all set.

I'm ditching US Bank at the earliest opportunity. They weren't just unhelpful, they were rude and dismissive. The credit union is such a pleasant experience.

why not just deposit it directly into the bank in the first place, sounds like their is more to the story...

 

[AstroManLuca]

why not just deposit it directly into the bank in the first place, sounds like their is more to the story...

That was just stupidity/not thinking on my part.

My original thought was "I'll stick ALL of the money into my US Bank account, so when I go to buy the car, I can just pay with one check." I just assumed that the money would be ready in time. When it wasn't, I had the credit union pull it back, got a cashier's check for the full amount that I had in the credit union account, and paid the difference with the US Bank account.

I learned my lesson that transferring large (and by large I mean >$200) amounts of money around takes time, and the bigger banks will always move as slowly as possible. Once my next paycheck comes in I'm closing that account and doing 100% of my banking through the credit union; they're so much better to deal with.

 

[D1gger]

When I deposit my yearly shareholders bonus check (6 figures), they usually tell me it will take 4-5 days for it to become available to me.

 

[Modelworks]

It really depends on the type of account. Business accounts can do large sums quickly. If you have something like a $100K deposit on an account that doesn't usually break $10K then the banks have to report that to the treasury department. The treasury will submit the social and tax information to the processing center and if no red flags pop up the money is then transferred to the account. Banks don't tell their customers but the government has a lot of profiling going on with how an account transfers funds. Odd transfer amounts, large sums that get deposited then moved out quickly all set off red flags.

 

[wirednuts]

yeah for it to deposit into a personal account, it always takes at least 10 days. my $30k inheritance check took like 14 iirc. should have seen the look on the girls face when i handed it to her...