what are some banks that will allow you to cash a check with a large amount?

Question

i had a check that was over 4,000...i was gonna deposit $412 of it,and just keep the rest because i really need it, but my bank would let me...they put a 7 day hold on it....i really need that money asap.....i was just wondering if there were any banks out there that didn't do this? will any of them just flat out give u cash that same day for a check of that amount...if so, please give me names. i want to change banks soon

Answer 1

The only way you would have been able to cash this check, without a hold being put on it, would be to take it to the issuing bank and have them cash it. They would have known right then and there if the check was good or not.



Your bank put a hold on the check because if the check comes back, they have to go through the hassle of collecting $4000 from you, which of course, by then you wouldn't have. If your account usually has a balance of more than $4000, your bank should have been able to cash it for you as well.



Changing banks will not help in this situation. You'll run into this everywhere you go.

Answer 2

Okay, when banks cash a check they have no ways of knowing for sure that there are funds in that account. If the check was from their bank, they can easily verify funds. However, if your bank was Bank of America and the check was from Washington Mutual, it is very hard for a bank to verify if there are funds in that WAMU checking account. Banks don't really talk to each other very well, especially with all the privacy regulation red tape out there.



Remember, there is a lot of fraud out there. There are scams where a person would cash a check but the check is fake and run away with the money. Banks have to protect their assets because those assets really belong to their customers and stock holders.



Lets say you are a little older and have a couple of thousand sitting in your checking and savings accounts. You have direct deposit and earn a decent pay check. A bank would consider you a low risk in case the check bounces and they have to collect the funds. But lets flip this and say that you are a college student making okay but not great money. You might have a couple of hundred at the max in both your checking and savings account. Also, you have had a history of being overdrawn on your account for the last year. If you had a check for $4000 and only wanted to deposit 10% of the check, you are considered by the bank at having a high risk. If the check bounces, the bank would have to collect the funds from you. However, you can't afford to pay the bank back in time. This will cause the bank to charge you all sorts of fees and eventually puts you in check system where you can't get any bank account for a long time until you pay back the bank all the money (plus the fees) that you owe. The bank putting a hold on your check protects you and the bank from a big headache in case the check bounces. I know it isn't ideal, but that's the reality of it.



Even though you believe the check is good and have a good knowledge of who wrote the check to you, the bank has no way of verifying that. Banks can only guarantee cashing a large amount of money if it was a government check (say your refund from the IRS). If this is a regular thing and you don't want a headache in the future, have the person directly deposit the money into your account either by wire transfer or electronic transfer. You could also request to have them give you a cashier check instead. The bank may still hold a cashier check, but only for a few days.



If you have further questions, go see your local banker to help you. Also, check cashing places may cash the $4000 check, but they charge a large fee.



Once you have established yourself as a trustworthy customer, you shouldn't have a problem cashing large checks in the future. But, this depends on how much money you have in the bank and how well you manage your account.

Answer 3

I'm sorry but there are no banks that will do that for you. Bank policy dictates that in order to cash a check that large you must have at LEAST that amount as an average balance in your account for several months, this way if the check ends up being no good they can recover the money from your account. This is federal law, not bank law so all banks must abide by it.



There are 2 solutions- the first one is go to the bank that ISSUED the check, they are the only bank that can see if the check is good or not, if it is good, they will cash it for you (but only with 2 forms of ID and a thumbprint) even then that is not 100% guaranteed, because the account it was written off of may have a fraud alert on it.



The 2nd solution is to go to a check cashing business to have it done, however you will end up paying a percentage of the check to do that.

Answer 4

Due to fraud I don't know many banks that will not put a hold on a check. Smaller Banks, depending on how long you've been a customer and where the check is from might allow it, but not very many. You should be able to get the check cashed if you have money in your account to put the hold on. Generally when you cash or deposit a check it takes the bank a few days to get the money or find out if the check is even good. If the check is drawn on the bank and they are able to verify that the funds are available they will cash it. So if you have a large check and it's not drawn on your bank go to the bank that the check is from and they will cash it for you as long as the funds are available.



Best Wishes,



The Wealth Kid

WealthKID.com

I Dont' Mind Sharing!

Answer 5

On a check that size - any bank is going to put a 3 to 7 day hold on it. The purpose of the hold, is to make sure that the check you cash clears. They want to make sure the check is good before the release the funds to you.



You can go to one of those check cashing places but they will charge a very large fee.

Answer 6

Putting a 7 day hold while the check is processed is a fairly standard procedure. Extremely unlikely you will be able to do what you want.



The only place that will cash a check that size, is a check cashing company; although they will charge you a very large fee to do it, somewhere around $160-$200.

Answer 7

Very few banks will cash a $4000 check and let you walk out with the cash. Even if you do have an account with them.

Answer 8

Your not getting a check from one of those people that scam your are you? They give you a check you cash it and send some money back to them very bad idea. Your bank has 2 weeks to clear that check and if it comes back fruadulent or not enough funds you are responsible, other than that you dont have to deposit anything.

Answer 9

Where did you get the check? There's a scam that's been going around lately, where someone gives you a large check and lets you keep part of the money, then a few days later you find out the check was fake and you are held responsible for the full amount.

Answer 10

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