How to deposit thirty thousand dollars into my bank account?

Question

will be getting a settlement in the amnt of 30,000 from my attorneys law firms trust account, but i am unsure how i should deposit such a large amount into my account. will my bank put a hold on the check? my attorneys bank will put an initiall 3 day hold to verify the funds are there, is there any way i can prevent another hold by my bank. and also will there be any reg flags to the government?

Answer 1

Like “d” mentioned it will depend on the relationship you have with your bank. Put it this way if you don’t have enough money in your accounts to cover that check your bank will most likely put a hold on it to cover themselves just incase the check gets return. Doesn’t matter tat ur attorney will put an initial hold or not …. the bank wont know n they wont care …. How long the hold depends … if the check is local or non local … however to speed up the process you can ask your bank to make a copy of the check and ask them to call on it after 2 days of it being deposited … if the drawee bank cooperates and gives your bank the info as far as the check is cleared or not …. Your bank then should be glad to release the hold. One other thing you can do is ask your attorney to wire the funds to your account which will make it available the day you get the wire without any hold … now as far as any red flags to the govt is concerned only cash transactions of $10,000.01 or more is reported … you got nothing to worry about ….. lots of people get settlement checks… if your bank asks u … u know the source of funds meaning where its coming from … it gets suspicious when customers hesitate to answer ... lastly, because a lot of activities involved in the 9/11 attack were funded through wires and cash ….  getting in a $30,000 wire may create a red flag for your bank .. bank are now required to monitor all that ...  I hope tis all made sense … if not sorry …  

Answer 2

Have your attorney's office wire the funds to your account.  That will shorten the hold period.

Before deciding, I'd ask my bank what they recommend.  Is there some rush to use all the money or do you just need access to some of it?  

Answer 3

It depends on your bank and your relationship with them, ie has your account been in good standing, do you incur a lot of overdrafts, is it a brand new account...? Take it to your teller and ask them how long it will take to clear. They will give you an exact answer. They see checks in this amount and even more every single day. Generally only CASH deposits of 10k or more are directly reported, but I can not assure you that this will not be reported.  

Answer 4

1. go to bank.

2. give to teller

why do you care about a hold?  presumably, you've been through a legal battle, likely for some time.  what harm is there in waiting another week to get to the settlement?

Answer 5

You can't speed this up.

The government will probably get a report with a tick mark on it.

If this was for anything other than personal injury, remember that this is taxable income.