Check cashing dillema

[Lawrence]

I tried to cash a large check sent by Cris, and my bank told me unless I wanted to deposit it and wait 4 days to clear, that I could not cash it at my bank unless my account had an equal or greater amount in it. The check cashing store charges horrendous fees, so my question is should I just deposit the large amount and not worry about red flags or whatever since it is not cash, or is there something else I could do? Thanks in advance.

 

[TheGeneral+]

Forget the big fees. Be thrift. Let it set 4 days and do not worry.

 

[Dante]

great reason to always use neteller only... no check crap

...they have debitcard 1000 a day can be withdrawn if you had to have the cash

 

[SevenOut]

I don't think there will be any red flags by depositing it. The reporting to the IRS is on cash transactions of $10,000 or more. Does not apply to checks I do not believe.

 

[jjgold]

Larry your always moving money which somewhat concerns me. I do beleive your a fine young man though and not moving for syndicates.

Good Luck and get yourself a nice full length mink and show the South your a big timer.

 

[Lawrence]

General, Dante, and Seven: thank you for your feedback I will just go ahead and deposit it, as I am not in a rush to see the cash...
JJ, I appreciate the kind words..the reason I have been asking these questions of late, is because for the first time in the short time I have been doing this, I am starting to make some $$ and I want to be sure about the best way to go about the financial aspects of it..and it's damn near 80 degrees down here to be wearing a mink..

 

[jjgold]

Larry exactly my point

It is 80 degrees down there so wear a mink and show the locals your a big timer, ever latina down there will want to bang you beleive me

 

[Lawrence]

That's something to think about JJ:smoker2:

 

[WorldRunner]

That's standard although the time varies.

Don't support those criminal check cashing places... Instead support the criminal big business corporations like Bank One, Bank of America, and Wells Fargo.

Always better to deposit a check anyway.

 

[Noreaga+]

4 days, thats QUICK. When I deposited a check from Pinnacle it took 7 business days

 

[WorldRunner]

4 days, thats QUICK. When I deposited a check from Pinnacle it took 7 business days

Call banks in your area and ask them what dollar amounts they make you wait for.

You can find either a large bank or a local bank that will not make you wait so long. I have accounts at a couple different ones because each come in handy depending on what kind of business I need to take care of.

 

[Noreaga+]

a few years back I was so anxious to cash a check I recieved from Sportsbook.com ( I know, I know) I drove to chicago to cash it at a Bank of America, where the check was drawn on.

Chicago is a 3 hour drive from me... but I made a night of it... took a buddy with me, went to a Depaul basketball game, hit some bars and spent the night there

 

[Holysmoke+]

I can deposit checks into my atm and my credit union gives me instant credit. So far they have gone over 1000 dollars.

I make a withdrawl against the deposit if need be no problems.

Credit unions rule banks imo

 

[Lawrence]

they told me (Wachovia Bank) that if I just maintain an equal balance to the check I want to cash, then next time I could just cash it on the spot..either way, I guess deposting it was the best way to go...

 

[Noreaga+]

lawrence you should be able to draw checks against that amount... you just cant get cash... but they will honor checks you write on your account

it should be in your account balance...just not your available balance

 

[bookie]

All good points.
I would also add....We all know how banks have certain policies, however, if you have a good relationship with your bank and branch manager you may be able to talk to him and bypass the wait period in the future.

 

[dimeplayersonly]

I don't think there will be any red flags by depositing it. The reporting to the IRS is on cash transactions of $10,000 or more. Does not apply to checks I do not believe.

any financial transaction...(cash, check ie. cashiers certified, money order, ect) of 10k or more is reported to big brother........


note: any transaction activity deemed "suspicious" by the bank can be reported....to big brother......(thats why those 8k deposits every other week dont work either)



imo........in the future withdraw amounts less than 5k....

 

[Lawrence]

any financial transaction...(cash, check ie. cashiers certified, money order, ect) of 10k or more is reported to big brother........


note: any transaction activity deemed "suspicious" by the bank can be reported....to big brother......(thats why those 8k deposits every other week dont work either)



imo........in the future withdraw amounts less than 5k....

Are u a 100% on this?

 

[Holysmoke+]

the purpose of avoiding big brother is to hide the gambling money, is that right?

 

[Holysmoke+]

its a big no no to give advise on how to avoid irs inquiries.

I asked once at a casino how much I could withdrawl without having to fill out paperwork, he said it was a crime to advise me of that