Given the number of Americans who struggle to make ends meet these days, coming into a large amount of money is typically a good problem to have — but what happens if you end up receiving a large check that your bank won’t let you deposit?
It’s common for banks — both online and brick-and-mortar — to place a limit on daily deposits. And the exact amount of that limit will hinge on your financial institution.
If a check exceeds a given bank’s limit, depositing it in person may be a way to get around any potential roadblocks. However, if you have an online-only bank, clearly, that option is off the table.
If you can’t visit a branch that doesn’t exist, that doesn’t mean you’re out of options completely. Here’s what you can do instead.
There are a number of reasons why you may end up with a large check on your hands. It could be that you owned a property jointly with someone, like an ex-spouse, who bought you out. Or, it could be that you’ve received a generous gift from a family member or an inheritance.
But while an in-person deposit might help you get around a mobile limit, that won’t work for an online-only bank, which is an option many consumers use.
The American Bankers Association found that, in the last year, 23% of consumers preferred to manage their banking online.
Since online-only banks typically offer more competitive rates on products such as savings accounts and certificates of deposit (CDs) due to their lower overhead costs, it’s easy to see why consumers are inclined to use them.
If depositing your check in person isn’t an option, you may be able to mail it to your online bank securely and have them deposit it from there. Your bank may even be willing to send you a pre-addressed envelope that ensures your money goes to the right place.
It may also be possible to see if your bank will raise your deposit limit as a one-time exception, especially if you’re a long-term account-holder. A call to customer service will let you know what options you have.
Keep in mind that if you’re depositing a large sum of money at once, there may be a hold on your check while your bank takes appropriate measures to check for fraud.
