Needing options for cashing a large insurance check?

[Dave1215]

Originally Posted by Ultrarunner

I have cashed somewhat large checks by going to the issuing Bank, two forms of ID and thumb print endorsements...

It is very unusual to need any cash when making an offer on a home or to open Escrow...

I typically open Escrow with a $1000 check, to be held uncashed, pending Seller's acceptance. The Check is always made out to the Title Company that I deal with... The person paying for the Title Service has the right to specify the Title Company...

I agree, don't rush into anything! Something does not sound right.

Opening a B of A account should do two things for you...

First... as a customer, you should not have to pay any fees to cash the check and they should wave the Certified Check Fee when you have it made to the Title Company.

Second... B of A can verify and put a hold on the funds immediately.

As mentioned by previous posters, an insurance DRAFT is NOT the equivelent of a CHECK... even if you go to the "issuing" bank, it doesn't help, as the "issuer" in this case does not hold the funds like in a traditional check situation. The "issuing" bank (BofA in this case) didn't actually issue it, they are just faciliating the draft thru the FedReserve clearing system.

[Ultrarunner]

I realize Drafts are not the same as Negotiable Orders of Withdrawal... thank you Dave for presenting a scenario as to why the OP is having difficulty.

It's been decades since I've had an Insurance Settlement... I just send them money.

My last insurance claim was for a minor fender ding that the insured's agent wrote me a check on the spot for $92 and change. I walked across the street from the agents office to a Wells Fargo and cashed it.

I'm still concerned as to why the OP would need to have a large amount of cash at the open house in order to proceed with a possible home purchase?

Maybe it's a local custom???

A third option might be to have the Title Company Process the funds???

[See1blonde]

I am going through that right now trying to cash this check so I can put a down payment on my truck I just picked out the contracts ready to go just waiting for the money The checks for the check is from B&B and I went to 3B of a and they told me they didn't have the money that they would have to borrow it can you believe that borrow from the bank OK whatever the checks for 17,000 and I need the money quickly before they not let me buy my truck do you think if I got a hold of the issuer my adjusterthat issued me out the check could he put a rush on things by him calling the bank to release funds on that check

[NewbieHere]

They put on that many days even for long term customer, they put hold on large check. I've been at Bank of America nearly 30 years and they still do that. Not even insurance check.