Depositing a Large Check Without a Hold? (funds, million, wire)

[CityScape0322]

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?

[HudsonCoNJ]

Just deposit the check. There's nothing you can do to make it clear faster.

[GeoffD]

Have a long relationship with the bank and an established history of at least occasional larger deposits?

[convextech]

I don't know any bank that won't put a hold on that check.

[CityScape0322]

Originally Posted by GeoffD

Have a long relationship with the bank and an established history of at least occasional larger deposits?

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.

Originally Posted by convextech

I don't know any bank that won't put a hold on that check.

I have a time sensitive investment I want to make. How long of a hold?

[Rowan123]

Originally Posted by CityScape0322

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?

The hold time will depend on the bank. If you need the money ASAP. Have them send a wire transfer.

[Dragonmam]

You could ask the person issuing the check to wire you the money directly into your account. Usually you can withdraw it the next business day.

[Coldjensens]

If you have a couple of million in the bank for several decades, they likely will not put a hold n a $60,000 check.

[ndcairngorm]

It's always best to advise your banker that you're going to do this. The new money laundering laws make everything more difficult when dealing with big sums. If you have that much in your account anyway, there will probably be no problem releasing the funds immediately, but I suspect that might not be the case from what you say. Holds are the bank's way of ensuring the funds will be paid in. If you could wire the $60K in to your account rather than presenting a check, that would make a big difference to your bank. Wiring funds puts things in a different category and comes under different banking laws, thereby making the funds accessible immediately.

[emm74]

Check your bank's "funds availability policy" - they are required by federal law to have one and there are also legal limits on how long before you can access the money.