is there a limit on cashing checks in banks?

Question

like is there a certain dollar amount on cashing checks at a bank?

Answer 1

Your question is a little broad, so let me try to answer it several ways.

If you're talking about money that is in your account, the bank will give you the amount up to what is available. Obviously, if there is $400 in your account, they aren't going to give you $500.

If you are cashing a paycheck or a check drawn on another bank, for example, then your bank MIGHT only allow you to take as much cash as you have in your account. This way, if the check is bad, then the bank can avoid losing money from the bad check you cashed.

If you are going to cash a check, it would be best to go to the bank on which the check is drawn (the bank printed on the check), if possible. If that is not possible, then deposit the check, give it about a week to clear the bank it is drawn on, then withdraw it from your account.

One more thing...banks do not carry unlimited amounts of cash. If you have a very large check (for example, greater than $10,000), then the bank may offer to give you part of it in cash and the rest in a cashier's check that you could cash later. If this is the case, call the bank branch in advance and see if they can make arrangements to cash your check.

AND...for cash transactions over $10,000, banks must file Currency Transaction Reports with the IRS...FYI.

Answer 2

You can cash a check for any amount.

The person or company who wrote the check to you must have enough money to cover the check. Most banks will make the funds available after the check has cleared (3-5 days on US banks), unless the deposit is made via the ATM, then $100.00 is immediately available.

If you are cashing a check for over $10,000, the IRS will be notified.

Answer 3

That is a policy that each bank would write on their own. Some have a limit. I don't know of any banks that would cash a check that didn't have funds that equal up to that amount.

Answer 4

Yes...maybe not a set limit, but most people fail to realize that banks no longer keep a large supply of cash on hand. Almost everything is done on paper or electronically these days, so most banks choose not to keep a supply of cash that is not necessary. You may have to order a large amount in advance....check with your local branch.

Answer 5

Yah! You have to have sufficient money in the bank to cover the checks you have written.

Seriously, some banks, in some accounts, limit the number of checks you can write each month. However they do not limit the dollar amount. Unless you do not have sufficient funds to cover the checks.

Answer 6

The only limit to cashing cheques is the amount of money in your account.
Some banks allow you to cash a few cheques per month without a "service charge". However once you exceed your free cheque limit you can be charged 50 cents or more per cheque.

Answer 7

Try walmart. I know that sounds a little funny. My husband just retired from the military. His last command was in San Diego Ca and the kids and I moved back up to Pittsburgh where I'm from. Well, I did the 2008 taxes with the power of attorney and because the joint account that we did have was closed and not a local bank for either one of us, my current bank would not cash the check from the taxes because it had both of our names on it and the account was only in my name. They told me that even with a power of attorney, that I could not cash a government check that was issued to both of us. I went to walmart with the power of attorney and they cashed it. I know, that seems a little off the wall.

Answer 8

Kinda, if you cash a check over a certain amount, certain reports are made to certain authorities.

Answer 9

No there is no such thing

Answer 10

no