Large cashier’s check

[Anonymous]

Gift. Is it as simple as presenting it at the bank? Anything else I need to do/keep in mind?

Is it better to mail it in to the bank I eventually want to send it to (it’s an online bank mainly with no branches nearby) or is it okay if I just deposit at another bank that has a local branch and then transfer over.

I understand that the local bank will make it available by next business day but if I transfer there will be a considerable hold. I don’t need to have access to the funds right away.

[Anonymous]

Large as in $100k or $1M? Makes a difference.

[Anonymous]

Omg do not mail a cashiers check. Otherwise I’m
Confused if you are trying to deposit one or gift one?

[Anonymous]

Anonymous wrote:Omg do not mail a cashiers check. Otherwise I’m
Confused if you are trying to deposit one or gift one?

Seems like they received a gift and want to deposit it.

[Anonymous]

Anonymous wrote:Large as in $100k or $1M? Makes a difference.

Dude, how does it matter??

[Anonymous]

Anonymous wrote:Large as in $100k or $1M? Makes a difference.

Closer to the latter amount. I could use it as I am not doing well. Gift from a parent who is getting ordained. Thanks to all in advance, sorry for this silly question.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Large as in $100k or $1M? Makes a difference.

Closer to the latter amount. I could use it as I am not doing well. Gift from a parent who is getting ordained. Thanks to all in advance, sorry for this silly question.

DP. Did you say it was closer to $1M? Do not mail it! Deposit it in person at your bank and then transfer over to your other bank.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Large as in $100k or $1M? Makes a difference.

Dude, how does it matter??

NP. Actually I am curious too. Don’t know much about it but does it matter? Well I think your parent has to file something but it may be complicated. You may need to look into it.

[Anonymous]

Deposit it at the bank you have a relationship with. A random local bank is not going to take it from a non-customer.

If that involves mail, then send it by Prioirty Mail Express. It's worth the $9.

[Anonymous]

Anonymous wrote:Deposit it at the bank you have a relationship with. A random local bank is not going to take it from a non-customer.

If that involves mail, then send it by Prioirty Mail Express. It's worth the $9.

Don't. If it gets lost, and is not insured for its full value, it's gone. Best case, it's a pain to get the bank to cancel/reissue. Worst case, someone else could cash it and the money is gone.

[Anonymous]

I would not let a check like that out of my hands, I definitely wouldn't put it in the mail.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Large as in $100k or $1M? Makes a difference.

Dude, how does it matter??

NP. Actually I am curious too. Don’t know much about it but does it matter? Well I think your parent has to file something but it may be complicated. You may need to look into it.

OP doesn't have to do anything special either way. Any tax reporting requirements are 100% on the parent here.

[Anonymous]

Deposit it locally. Wait until it clears and then transfer to the final destination bank.

[Anonymous]

Anonymous wrote:Deposit it at the bank you have a relationship with. A random local bank is not going to take it from a non-customer.

If that involves mail, then send it by Prioirty Mail Express. It's worth the $9.

Your first statement doesn't make sense. By definition, you can only make a deposit if you're a customer of the bank. Hard to make a deposit if you don't have an account to make a deposit into.

[Anonymous]

I would want to hand it directly to someone who is putting it in my account. I would never mail it.

If it's really close to $1million, you may not be able to transfer it all in one transaction. Some banks limit how large a transfer can be so you may need to divide it into multiple transactions.

You may also want to split it between different banks/accounts to ensure FDIC coverage.