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Yes its Bank of America, I've had this account since 2004, when I was a freshman in college. I do not believe I've ever deposited anything over 10K, maybe 15K but I'd have to look at my records.
I have a time sensitive investment I want to make. How long of a hold?
Holds are almost always 7-10 days. I would specifically seek out the manager of the BoA branch and inform them of your intentions and why you need the hold lifted. They should be able to confirm the check is valid by contacting the institution where the check was written and decide how much that they can offer you immediately (if not the full amt). The real big question they'll want to know is where the proceeds came from. If you have proof of that as well, you bolster your case.
Without that stuff, you're probably subject to a 10 day hold at a minimum due to the size and that I presume it's not a business account. There's a reason those holds exist, and it's to protect themselves and their customers from fraud.
Hi, lets say I was to be imbursed, a $60K check and I wanted to deposit it into my bank account. Whats the best route to approach this with my bank so that my account isn't flagged for suspicious activity, and so that the deposit clears as quickly as possible?
It's not cash you are depositing, so your account shouldn't get flagged.
A check that size, at my bank anyway, depending on where the bank is located where the funds are being drawn on, should take at least 10 days to completely clear.
I have two banks that I use for personal checking. One (a credit union) puts a hold on all 'out of state' checks. Since the bank is located physically in my previous state, and I do the majority of my banking online, with only occasional physical deposits (thru a local credit union shared banking policy) - they are always held. Even if they're for a trivial amount.
The other bank is a local bank, so far no amount deposited in that account has been held (largest amount deposited so far has been about 10K. This is in an account with a relatively low continual balance. They simply don't put hold on check deposits.
So, I would check with the bank you use and simply ask them. "I have an important to make that will be needed nearly immediately for a time-sensitive investment, could you please tell me when I can expect funds to be available for use?". They should be able to answer that question for you.
If you have matching funds already on deposit, or a history of such large deposits from a reputable source, you may be able to get the hold lifted quickly (immediately or within a day or two). Otherwise there's going to be a hold till the check is cashed and funds transferred from the issuing bank to your bank. This is usually 7-10 days at most banks.
You realize why, right? I mean, a check is nothing but a piece of paper and can often be fraudulent. Funds have to be verified and sometimes transferred before that money is available.
How time sensitive is this investment that it can't wait a week? And you don't have 60k on hand already?
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