Cashing large checks???

Would a bank have any issues cashing like a 50000.00 check?
I would rather cash it at the bank its drawn from opposed to waiting for 7-10 days for it clear my bank.

TIA

 

Is it from Nigeria?

 

I seriously doubt ANY bank will cash that check for you (by that I mean hand you cash) but I could be wrong.

 

It would be best to let them know in advance of your intentions so they make sure to have the extra cash on hand. I cashed a 15K check before and that was the only thing they suggested.

 

It can be done, but you're not just gonna walk up to the teller line and get it done.

Open an account at the bank that the check is drawn upon and deposit it into that? Ask the bank if that will speed up the funds availability.

 

I have delivered and received larger checks over the years, but all were deposited, not cashed. You might get them to cut you a cashiers check, but your bank might place a hold on that as well.

IIRC, anything over $10k peaks the interest of the IRS. $50k might even raise a few eyebrows at other alphabet agencies.

 

Why not just have the cashing bank do an EFT into your account. Might shorten up the time to just a day or so. That way the police can't sieze the money after you get caught speeding to the bank.

 

I've deposited a couple of 6, one close to 7, digit checks... (those were the days ) . Even depositing them, I was told that the funds would not be available for at least 5 business days as my bank waited for the check to clear. Actually CASHing them never crossed my mind.

Plus, what would you really (legally) need with that kinda stck of greenbacks? Any transaction over 10K cash and there's paperwork that's 'supposed' to be filled out.

 

Is it illegal to stock pile cash?

 

Along with my Russian bride!

 

Nope. But Acree brings up a valid point. After you cash it any further transaction in cash over 10,000.00 has to be reported to the IRS.

 

Don't think so. Not worried about feds, its a cash out refi check. I just need to close out some accounts before the first.

 

No, but on the off chance you're stopped by the po-po, and your car is searched, you will never see that cash again regardless of its legitimacy and/or source. That's not a chance I'd be willing to take with that fat of a stack. Further discussion of this subtopic is likely dungeon material.

 

pulling out over $9999 cash triggers some unusual stuff by the feds that sometimes it is not worth having the record of

oh yea, there is that other thing, something about "staging" some of the other more legalese minded guys may know, it is a money laundering term

 

much easier to have it wiredin the firt place

 

Do you mean cashing anything over $10k raises eyebrows, or depositing?

 

This^

It has happened before

 

So, they can legally seize legal, traceable tender? Just like that?

 

Cashing. But, if its legal, I'm reporting it anyway.

 

just have the payor wire transfer you the money if you want immediate fund availability.