I'm not talking envelopes.
You just feed the check into the ATM. Scan. Receipt. Transaction done.
For most banks typically if its over $5000 but under $10000 it takes 5 business days. Any additional amount over $10000 will take another 10 days to clear.
I have not deposited a check at an actual teller in the past 8 years. Been using ATM for as long as I can remember - no matter what amount.
- Aug 23, 2003
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Nothing to hide. I just prefer attracting as little attention from the IRS as possible.
And, as other have mentioned, there WILL be a long hold time for a single $10k check. Not maybe; it's a promise. The reason? ATM deposits are not handled locally by the bank branch. A teller (or bank manager) could have put a shorter local hold on the money; ATM deposits get the maximum hold period.
If you were smart and deposited $10k over 3 checks, hold times would have been nonexistent; a day or two.
Its not nearly as suspiscious as deposting multiple checks under $5000. They will more than likely investigate two $4900 checks from the same person than a $10,000 one.
LMAO.
The IRS doesn't know shit about any $10K check you deposit.
What do we (the bank) care? You might've sold a car, sold drugs, whatever... we don't really care. Just because it gets a hold placed doesn't mean its reported to the IRS.
skyking
Lifer
- Nov 21, 2001
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Kinda funny, I did it for the first time the other day. I've been on direct deposit for a year or so for most of my pay, but for many years it was a check a week. I now visit the ATM for spending money so it is a natural to make the odd deposit there too.
- Aug 23, 2003
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The Bank Secrecy Act and Patriot Act require banks to file reports for $10,000 checks, especially if that amount doesn't fit the pattern of deposits for that customer.
Unless spidey has been dumping $10,000 checks into this account for a while, someone will be notified.
Wells fargo has scanners at their atms now. No deposit envelope and your receipt has a copy of the check. I trust it completely. Cash works too and is credited instantly.
Like I said up above, to the Feds, multiple checks under $5k raise more curiosity than a single $10k one.
Unless it's like 10+ checks worth $5k each deposited within a week will the IRS even raise an eyebrow.
Much better to deposit it into an ATM than step foot into a modern mega-bank. The tellers are all on commission to sell you credit cards, loans etc. I deposit thousands of dollars worth of checks as well as pay almost every bill online and have never had an issue. It does bother me that they put a hold on checks though. Gee, the 10 years of busines with zero problems isn't enough to trust me?
Wrong. That is for cash deposits only.
Who will be notified? The branch manager of wherever your account is to see if they want a hold placed.
Trust me, you have no idea how the banking world works (HINT: I work at one!). A $10K check does NOTHING as far as suspicion.
I hardly ever cash paper checks other than the occasional rebates, but I do go into the bank when I need to cash them.
The ATM is probably just as safe in reality, but I am old school.
The ATM is probably just as safe in reality, but I am old school.
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