Large cashier’s check

[Anonymous]

If you don't have a local account, I would be more comfortable just going to a local bank, sitting there while they open the account, then depositing it. Yes, you might want eventually want to split it up into accounts below the 250,000 FDIC limit, but that's not an immediate concern - no big bank is going to crash in the next week.

[Anonymous]

I had a cashier's check worth millions of dollars. Bank of America refused to cash it. I did it through another bank that then had a relationship with my broker. Very annoying.

[Anonymous]

Anonymous wrote:I had a cashier's check worth millions of dollars. Bank of America refused to cash it. I did it through another bank that then had a relationship with my broker. Very annoying.

I'll add that I had multiple Bank of America accounts at the time, all of which were long standing...but they still refused.

[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.

See my post on the next page. I've been able to cash checks (even regular checks) for more than $300,000. I was not able to cash a cashier's check that was worth millions.

[Anonymous]

Anonymous wrote:

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.

See my post on the next page. I've been able to cash checks (even regular checks) for more than $300,000. I was not able to cash a cashier's check that was worth millions.

So you’ve walked into a bank with a check for $300k and then walked out with a suitcase full of cash. Were you paying a ransom?

Or did you mean to say deposit?

[Anonymous]

Anonymous wrote: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.

I’ve never heard of such a restriction. I move between banks in business accounts about $10M per day and in personal accounts a few million a month. I have relationships with 9 different banks ranging from institutional to credit unions to community banks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

See my post on the next page. I've been able to cash checks (even regular checks) for more than $300,000. I was not able to cash a cashier's check that was worth millions.

So you’ve walked into a bank with a check for $300k and then walked out with a suitcase full of cash. Were you paying a ransom?

Or did you mean to say deposit?

Yes - typo. I meant deposited.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

I’ve never heard of such a restriction. I move between banks in business accounts about $10M per day and in personal accounts a few million a month. I have relationships with 9 different banks ranging from institutional to credit unions to community banks.

My guess is that your customer profile supported that activity--your job or existing account activity was in line with that. If some random account holder with a $50k/yr job tried to deposit a million, there are going to be a lot of BSA red flags going off and they're going to refuse it unless they can document the source.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I had a cashier's check worth millions of dollars. Bank of America refused to cash it. I did it through another bank that then had a relationship with my broker. Very annoying.

I'll add that I had multiple Bank of America accounts at the time, all of which were long standing...but they still refused.

OP. I HATE Bank of America. Unbelievable. It took 1 hr 30 mins and 3 people to deposit it. Won't be available till first week April. Final destination is a brokerage account so I think it's OK if above $250k right?. Would be a huge hassle to split the initial amount.
Also very long history and they refused to remove a fee (first time ever) last year. Thank you all.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I had a cashier's check worth millions of dollars. Bank of America refused to cash it. I did it through another bank that then had a relationship with my broker. Very annoying.

I'll add that I had multiple Bank of America accounts at the time, all of which were long standing...but they still refused.

OP. I HATE Bank of America. Unbelievable. It took 1 hr 30 mins and 3 people to deposit it. Won't be available till first week April. Final destination is a brokerage account so I think it's OK if above $250k right?. Would be a huge hassle to split the initial amount.
Also very long history and they refused to remove a fee (first time ever) last year. Thank you all.

*Would have been - its moot now as it's already deposited.

[Anonymous]

Not sure why a poster is blaming BofA for the hold. Fake cashier checks are a thing; they can look very real.

[Anonymous]

Why did your PARENT not give you a personal check??? There is no limit on personal checks and if you lost it, less of a big deal.

Yes there would be a hold either way.

[Anonymous]

Deposit it locally then transfer it electronically. I had a similar situation but no local bank. I had to mail a very large (almost $400K) check to my credit union. Mailed it overnight with tracking and the USPS misplaced it for a day. I about had a heart attack and opened a local bank account.

[Anonymous]

Anonymous wrote:Why did your PARENT not give you a personal check??? There is no limit on personal checks and if you lost it, less of a big deal.

Yes there would be a hold either way.

The better question is why didn't your parent just transfer it to your brokerage account directly? When my parents give us gifts, they transfer it directly into our brokerage account. It's super easy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I had a cashier's check worth millions of dollars. Bank of America refused to cash it. I did it through another bank that then had a relationship with my broker. Very annoying.

I'll add that I had multiple Bank of America accounts at the time, all of which were long standing...but they still refused.

OP. I HATE Bank of America. Unbelievable. It took 1 hr 30 mins and 3 people to deposit it. Won't be available till first week April. Final destination is a brokerage account so I think it's OK if above $250k right?. Would be a huge hassle to split the initial amount.
Also very long history and they refused to remove a fee (first time ever) last year. Thank you all.

I don't understand why people are so obsessed with deposit insurance, particularly when your money is only there for a short period. BofA isn't going to fail, and certainly not over the weekend.

Also, I don't know why you're so upset that they took the time to be super careful on a huge check, particularly when you have no history of depositing such large checks. This is their job, and it would be a huge issue if they weren't so careful.