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The Water Cooler
General Discussion
Warning--deposit large checks at your peril
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<blockquote data-quote="Brandi" data-source="post: 2141681" data-attributes="member: 24446"><p>That's been policy for a long time. I've deposited $50 to $80k checks from the same source every year for awhile and they always hold them for about a week while making $5000 available immediately. They said it's done to verify the full exchange of funds from the company that writes the check. It's not so smart to cash a $50,000 check immediately and then have the funds not be available when the check "writer" doesn't have it. The first time it irritated me but after they explained why it was understandable. It's the same thing with trying to cash a check like that, they have to hold it to be sure they are actually going to get the money from whoever wrote the check before they give it to you. They have more leeway on smaller checks because the risk is less. They are far more inclined to cash a $1k check on the spot than a $50k check which they will not unless it's an in house account.</p><p></p><p>So...no worries, it's normal.</p></blockquote><p></p>
[QUOTE="Brandi, post: 2141681, member: 24446"] That's been policy for a long time. I've deposited $50 to $80k checks from the same source every year for awhile and they always hold them for about a week while making $5000 available immediately. They said it's done to verify the full exchange of funds from the company that writes the check. It's not so smart to cash a $50,000 check immediately and then have the funds not be available when the check "writer" doesn't have it. The first time it irritated me but after they explained why it was understandable. It's the same thing with trying to cash a check like that, they have to hold it to be sure they are actually going to get the money from whoever wrote the check before they give it to you. They have more leeway on smaller checks because the risk is less. They are far more inclined to cash a $1k check on the spot than a $50k check which they will not unless it's an in house account. So...no worries, it's normal. [/QUOTE]
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Warning--deposit large checks at your peril
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