Implications for depositing a large sum personal check?

Question

Does anyone know of any implications for depositing a personal check made out for $100,000? This would go into my checking, and then soon thereafter in a CD or two. Bank is BofAmerica.

Thanks!

Answer 1

Your bank will put a hold on the check for at least a week to make sure the check/funds are good.  There is also paperwork that you have to fill out indicating the source of the check etc.  for the federal government.  This is to assure that the funds are not from illegal activity or money laundering.  

Why would you take a personal check from someone for this amount?  It should be a wire transfer or certified bank check.

Answer 2

Your bank will place a hold. But the hold will be up to 11 business days. They may also call the other bank to make sure its a valid account (only some banks will tell you if the actual check will clear). If you really trust the person that gave you the check then it wouldn't matter if it was an official check or not. That will not make the hold on the check any shorter. Hopefully it is someone you trust though.

As for the report that needs to be filled out, its called a Currency Transaction Report. That would be only if it were physical cash. Not a check. There is another form that may or may not be filled out by the teller, but that's only if they see anything suspicious. That would be without your knowledge or consent either way.

Just deposit the check, you will not get in trouble, no one will hunt you down and sit back and wait for it to clear.

Answer 3

For that large of a check you would have to wait possibly nine business days for it to clear. They may make the first $4900.00 available after 5 business days, but until it clears the rest would have a hold on it.

By personal check if you mean the check was written to you and you deposit it, be prepared if it isn't honored to be charged a return deposited item fee, and if you spend any before it gets returned you will have to repay the bank.

I agree with the other posts here for that size money you should have a certified cashiers check from a bank. Then the other bank could more easily verify the funds.