“Large” deposit question with new bank account

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Hi all

I’ll be getting a hefty check in the mail soon, perhaps over $10,000 from insurance. My issue is, if I open a new bank account and deposit the cheque, would it be flagged as suspicious, resulting in a massive waste of time? I’m asking because I’ve heard of large payments deposited into new accounts being cancelled due to fraud. This isn’t fraud, but I’m wondering if the quantity will set it off, in which case I’ll have to argue with the bank for so many days, or worse, have my new account closed. Or will it be acceptable because they can tell it’s a valid insurance check? Large deposit question with new bank account

Large deposit question with new bank account

CANDID  ADVICE

 

Banks never know if a check is authentic or not; it takes a few days (or longer) to determine whether a check is faulty or not. If you open a new bank account, the check will be held for a few business days, but your account will not be closed because of a check deposit.

Yes, I am aware of the 2-4 day regulatory hold, but I meant beyond that. But, thank you, I now understand!

As a new customer to that bank, you’ll almost certainly get an 11 “new customer” hold.

You might as well get it over with, or transfer it via a wire/ACH after your former bank account is cleared.

Yes, ACH. No. of wire I had a wire held for 40 days with no final disclosure.

Because you’re a new account, I’d expect a 7-10 business day hold, but they won’t do anything about it.

You’ll see a hold regardless of the amount. Open an account with another bank right away and expect the monies to be held. It has to begin somewhere.

You could create a new account at your present institution. They may simply keep the cheque for a few days instead of 7-10.

Accounts that have been open for less than 30 days are always treated differently. Insurance checks are handled in the same manner as any other check. The maximum hold period is six days. The money is yours after that.

The inquiry is undoubtedly, “Why are you so concerned about fraud?”

Significant deposits are not suspicious, and $10,000 is not a large deposit.

Simply go deposit the money; that is what banks are for.

I believe the simplest solution in this scenario would be to fully delete your family from your current account, which you have every right to do as an adult. Your CU may have specific protocols for doing so, but if you express to them that you do not want your mother and sister to have any access to your account, they can notate that (it’s also a legal thing, if they are no longer a joint owner on the account, they no longer have access or information to it). You won’t be marked this way, and you can have that chat with your existing CU.

There will be an extended hold. (Probably about 7 days)

If you need the money right away, you can take it to the issuing bank and get it cashed out without opening an account. However, there will be a minor check cashing cost.

If you’re planning to cash it at a bank as a non-account holder, I’d contact ahead of time to let them know you’re coming.

And, as a non-account holder, expect to receive 100s, 50s, and 20s, as 100s are usually reserved for actual account holders.

After you’ve cashed the check, open an account at your preferred bank.

Cash deposits are available right away.

No, it’s insurance money. Everything will be OK. There are no red flags.

This will most likely be kept depending on the new bank’s account requirements, but it will not be suspicious.

If it is from a legitimate insurance firm, they will be aware of it. Changes the new client/cheque hold period to clear. But simply possessing a $10,000 check isn’t enough. Cheques do not require substantial cash reporting to FINTRAC. Nobody will bat an eyelid if you come from a respected insurance company and pass the standard holds.

Suspicious transactions can cause banks to be cautious. I would expect a large check with a fresh account to be held for a longer period of time, but I doubt they would terminate the account right away. I would suggest opening the account with a bank with which you already conduct business.

If a bank suspects fraud, it might begin asking inquiries. 10k is also not a huge sum of money; it’s remarkable, but it’s what I’d expect to see from an insurance check.

No, which is why there are holds in place. Probably a little longer because it’s new, but that’s about it. Most banks will probably let you utilize $200 right away and keep the balance in a regular account.

I believe it will be alright once it clears. Many banks provide campaigns in which you can obtain a cash bonus when you open a new bank account (Citi bank), thus bringing some new cash to open a bank account is not uncommon. You should be alright as long as everything else checks out (address, ID).

 

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