How do you cash a $10,000 check?

Question

I recently won a settlement for 10,000 from a lawsuit, i was told i would get the check in 2-4 weeks...problem is, how do i cash it? I dont have a bank account, and i am blacklisted from getting one. Usually if i have to cash anything its under 500 and i take it to a party store...but i dont think a party store carries 10000 in their drawer...can i get unblacklisted? would a bank let me open one even if i am blacklisted with a deposit that big? any ideas?

Answer 1

It sounds like you got put on Chex Systems because you had a previous problem with a bank account - and unless otherwise resolved, you'll stay on Chex Systems for 5 years.

When you get your check from the settlement, just look at the check to see which bank it's drawn from. Go to that bank to cash it. It's their check and they have to cash it as long as you provide identification - you don't need to have an account.

As for opening a bank account, I'd try a credit union first. A lot of them still don't use Chex Systems, so as long as you qualify as a member, they'll let you open an account. Be careful, though - don't let whatever happened before happen again. Make sure you set up some sort of overdraft protection. Good luck.

Answer 2

Most banks won't cash a check that size without notice. They don't keep enough cash to handle a transaction that size above 'normal' activity. Businesses dealing with large volumes of cash place regular orders for cash. Explain your situation to ANY bank and they can work something out.

Note to Common Sense: You are 1/2 for 3.
1. Jessie never said you wanted cash. She just doesn't think she can open and account.
2. Currency transaction reports are made the the Treasury Department, but NOT the secret service. The purpose of the reports is to detect money laundering. A single transaction won't even be a blip on the radar.
3. There may not be a "blacklist" per say, by nearly every bank does report to Chexsystems. It is VERY difficult to open an account with negative information on you in Chexsystems.

Answer 3

Marko is correct in about every way. You are likely on Chex Systems. If you are lucky, the check will be drawn on a bank such as Bank of America that has a local branch for you to cash it at. As he said, if this is not the case, then you will need to try to find a bank that does not use Chex Systems. I have heard that Wood Forest NA is one of these, but I do not know for sure.

As stated before, you should be very careful with your accounts from now on, as most people who are on Chex Systems committed some sort of fraud. It is not 100%, though, and many banks can be a little trigger-happy with it.

Answer 4

You are blacklisted because you ripped off a bank. Most likely you wrote bad checks and never made good. The only way you will get off the list is to pay the piper. Fortantly you can do that now. You should be able to open an account, minus what you owe. And lots of people have paychecks bigger then that, they will not be dazzled into forgetting that you ripped off a fellow bank.

Answer 5

when you get the check, see what bank it originated from...usually, if you take a check to the bank of origin, they will cash it as long as you have proper identification...

if not, find someone you trust who has a bank account and excellent bank history (meaning, he's been with the bank a long time and has a good average balance in his account at all times), go with that person to the bank and deposit your check into that person's account...usually, if you're present (with proper identification), you can sign the check over to him and deposit it into his account...not all banks will do it, but a generous supervisor might approve it depending on the circumstances...

one thing to remember, though, if they do approve it, they might put the check on hold until it clears, so you might not be able to access it for a week or so...also, when that trusted person withdraws the money for you when the time comes, spread the withdrawal out because a cash withdrawal of $10,000 or more will require him to sign some kind of tax form...so what i suggest is have him withdrawal like $5,000 one day and $5,000 another day to spread it out...

Answer 6

I don't understand why you would be blacklisted, but you need to somehow set up a checking account. Then you can go to a place like www.ingdirect.com and set up a savings and / or checking account. That kind of deposit would earn you about $450 in interest over the course of a year.

Answer 7

I would caution anyone from getting involved in this. it sounds like the start of a scam (I could be wrong... but why take a chance).........................................

First off.... why would anyone need $10,000 in cash?
2nd. Getting $10,000 in cash from a bank (or anyone) requires that the secret service be notified.
3rd. There is no bank "Blacklist".


C A U T I O N.

Answer 8

Very carefully