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Large check, but can't get an account... what to do?

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jmktech
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Large check, but can't get an account... what to do?  Reply with quote  

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?
Post Sat Sep 12, 2015 8:19 am
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oldguy
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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).
Post Sat Sep 12, 2015 1:23 pm
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jmktech
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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?
Post Mon Sep 14, 2015 5:44 pm
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Wino
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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.
Post Tue Sep 15, 2015 9:28 am
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jmktech
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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.
Post Tue Sep 15, 2015 12:11 pm
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christcorp
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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.
Post Thu Sep 17, 2015 4:38 pm
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clydewolf
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Christicorp,
Your bank will cash your check only if you have the cash in your account.
Post Sat Sep 19, 2015 12:29 am
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christcorp
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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.
Post Sun Sep 27, 2015 2:12 am
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littleroc02us
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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)
Post Mon Sep 28, 2015 3:01 pm
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craigd
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These links will provide you with some options of banks that may open an account with negatives.

http://chexsys.tripod.com/goodbanks.html

http://echeck.org/a-guide-to-legit-no-chexsystems-banks/

Craig Donnelly
Financial Advisor
Ameritas Financial Center
(972)757-5237 (Cell)
Work: Craig@ameritasfc.net
Personal: donnellyct@yahoo.com
Post Sat Nov 21, 2015 11:10 pm
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