| Large check, but can't get an account... what to do? |
|
|
|
|
|
jmktech
New Member
Cash: $ 0.65
Posts: 3
Joined: 12 Sep 2015
|
| Large check, but can't get an account... what to do? |
 |
|
Hi there.
So a quick recent history of my banking situation - I was laid off in March of this year, and had rent auto clear on my primary checking and other bills (cell phone/electric/etc) clear on my secondary. I was unable to pay them back as the overdrafts accumulated, and they closed the accounts and sent them to collections. I also have maxed out my one credit card, which only has a $500 limit to begin with.
I'm working again (finally), but unfortunately I've been unable to get an account anywhere - bank or credit union, even cap1 360 - my checks have been being deposited to an Amex Serve card. However, they only accept up to $2500 a month in check / DD.
The problem here is that I have a rather large structured settlement check (in the 50k range), and no way to open an account to deposit it. I'm not comfortable signing this over to anyone as I really have no family anymore, so that's out of the question. Are there any other options to access my funds?
|
Sat Sep 12, 2015 8:19 am |
|
|
oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
|
I think the Paycheck Cashing services will cash it - and Walmart cashes large checks. And the Pawn Shops and the PayDay Shops will often cash paychecks. And then just deal in cash for awhile, there are lots of people who don't use banks, they buy stuff the old-fashioned way, with real money. (Some of my renters come to my house with a handfull of $20-dollar- bills on the first of every month - not convenient but it works).
|
|
Sat Sep 12, 2015 1:23 pm |
|
|
jmktech
New Member
Cash: $ 0.65
Posts: 3
Joined: 12 Sep 2015
|
quote:
Originally posted by oldguy
I think the Paycheck Cashing services will cash it - and Walmart cashes large checks. And the Pawn Shops and the PayDay Shops will often cash paychecks. And then just deal in cash for awhile, there are lots of people who don't use banks, they buy stuff the old-fashioned way, with real money. (Some of my renters come to my house with a handfull of $20-dollar- bills on the first of every month - not convenient but it works).
Thanks for the suggestions. I checked with Walmart, they aren't willing to cash anything over $5,000. MoneyTree was willing to do it for me, but they charge a flat percentage - 5.9%, which is nearly $3,000. A bit steep in my mind.
If I contacted the bank the check was drawn on, any idea if they'd be willing to cash it with enough notice?
|
|
Mon Sep 14, 2015 5:44 pm |
|
|
Wino
Senior Member
Cash: $ 113.80
Posts: 560
Joined: 03 Aug 2012
Location: Dubai
|
quote:
Originally posted by jmktech
Thanks for the suggestions. I checked with Walmart, they aren't willing to cash anything over $5,000. MoneyTree was willing to do it for me, but they charge a flat percentage - 5.9%, which is nearly $3,000. A bit steep in my mind.
If I contacted the bank the check was drawn on, any idea if they'd be willing to cash it with enough notice?
The bank it was written on must cash it, but why don't you instead use the check to OPEN an account? No bank is going to turn down a $50K deposit from anyone.
|
|
Tue Sep 15, 2015 9:28 am |
|
|
jmktech
New Member
Cash: $ 0.65
Posts: 3
Joined: 12 Sep 2015
|
Interesting idea. I'm sure a manager could make an exception in that case, providing it's not drawn on the bank I currently owe money to, which would be Wells Fargo. That's likely to cost me as much as Money Tree would, and I'd prefer to negotiate on the side to settle the matter, I know they'll be willing to drop some of the fees added on if I pay it off. Probably not so willing if they see a 50k check.
Thanks for the suggestion, I'll have to look into it.
|
|
Tue Sep 15, 2015 12:11 pm |
|
|
christcorp
Preferred Member
Cash: $ 39.85
Posts: 199
Joined: 05 Mar 2015
Location: Wyoming
|
Not sure if this helps you, and probably not for the settlement check, but for others without an account. Any bank that the check is written from, must cash the check for you. E.g. If I write you a check from my Wells Fargo account, Wells Fargo must cash it for you. Even if you aren't a Wells Fargo member. It's just like the writer of the check went there with you and cashed a check and gave you cash.
As for opening an account. Check with some local credit unions that you may qualify for. They aren't as big of dicks like banks are.
|
|
Thu Sep 17, 2015 4:38 pm |
|
|
clydewolf
Senior Member
Cash: $ 50.25
Posts: 248
Joined: 27 May 2012
|
Christicorp,
Your bank will cash your check only if you have the cash in your account.
|
|
Sat Sep 19, 2015 12:29 am |
|
|
christcorp
Preferred Member
Cash: $ 39.85
Posts: 199
Joined: 05 Mar 2015
Location: Wyoming
|
I didn't say YOUR bank. I said the bank that the check was written on. E.g. If I don't have a bank account, and you write me a check from a Wells Fargo bank, I can take that check to a Wells Fargo bank and cash it. That's the same as if you, the writer of the check, went to your bank and took out cash and gave it to me. So no, you don't have to have a bank account to cash a check. But you have to go to the bank that the check is from.
|
|
Sun Sep 27, 2015 2:12 am |
|
|
littleroc02us
Moderator
Cash: $ 384.35
Posts: 1891
Joined: 09 Feb 2009
|
Did you try a local medium sized bank, they still have a brain unlike the big banks. Explain that you would like to setup a checking and savings account and have a 50k check to start with.
Risk comes from not knowing what you're doing. (Warren Buffet)
|
|
Mon Sep 28, 2015 3:01 pm |
|
|
|
