Considering how many Americans struggle to make ends meet these days, getting into a lot of cash is often a good problem to have — but what happens when you end up with a big check that your bank won’t let you deposit?
It’s common for banks — both online and brick-and-mortar — to set a limit on daily deposits. And the exact amount of the limit will depend on your financial institution.
If a check exceeds a given bank’s limit, cashing it in person may be a way to get around any potential obstacles. However, if you have an online-only bank, clearly, that option is on the table.
If you can’t visit a branch that doesn’t exist, it doesn’t mean you’re out of options altogether. Here’s what you can do instead.
There are many reasons why you may end up with a large check on your hands. It is likely that you own the property together with someone else, such as your ex-spouse, who bought it for you. Or, you may have received a generous gift from a family member or inheritance.
But while an in-person deposit can help you get around the phone, that doesn’t work for online-only banking, which is the option most people use.
The American Bankers Association found that, in the past year, 23% of consumers chose to do their banking online.
Since online-only banks often offer competitive rates on products such as savings accounts and certificates of deposit (CDs) because of their low overhead costs, it’s easy to see why consumers like to use them.
If depositing your check in person is not an option, you can send it to your online bank securely and have them deposit it from there. Your bank may even need to send you a pre-addressed envelope that ensures your money goes to the right place.
It is also possible to determine whether your bank will treat your deposit as a one-time variable, especially if you are a long-term account holder. A call to customer service will let you know what options you have.
Keep in mind that if you are depositing a lot of money at once, there may be a hold on your check while your bank takes appropriate steps to check for fraud.