I have kind of a weird situation. I am making a somewhat large purchase (approximately $6000) worth of equipment. The gentleman will only accept cash and I am planning on meeting him half-way to make the exchange. Half way is about 150 miles from me. This is a reputable person, but I do not feel comfortable driving 150 miles with thousands in cash on me, and he does not feel comfortable with any other form of payment....
My plan was to open a bank account in my town with a bank that has multiple locations all over the state (Chase Bank). I would deposit the $6000 in the account, drive down there, then once we get there we could both go to the bank and I could withdrawal the money for him...
Here's my question. If I deposited $6000 in cash to create a checking account on Monday, will these funds be available on Tuesday at the other bank branch (same company)? Thanks!
2007-11-17 06:37:11 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Cash deposits are available immediately.
2007-11-17 06:55:31 · answer #1 · answered by john p 3 · 1⤊ 0⤋
To get the accurate answer, ask the manager at Chase Bank. If you deposit cash, I'm sure it will be available right away. If you deposit a check, into a new account, there may be a hold on it. The manager will tell you Chase's policy on this situation.
If you do trust the seller, I would just take the cash from your current bank. I wouldn't bother with the Chase deal.
P.S. What if there is a minimum balance on the Chase account? Is there a penalty if you close the account in 2 days?
Why don't you take a friend with you?
2007-11-17 06:46:12 · answer #2 · answered by hottotrot1_usa 7 · 1⤊ 0⤋
The answer to your question is it should technically be available to you the SAME day, if you open the account by 2pm or the close of the business day at your bank. Although I would deposit an extra 20 bucks to keep the account open to avoid an early termination fee. When I deposit my paychecks, I cash them, then deposit them. It saves the hassle of waiting till the check clears before it goes into my account. IF it doesn't show up the SAME day, it should be there by Tuesday, again if you have the account open before 2pm on Monday.
Wouldn't it be easier to get a bank check worth that amount? It'll cost a fee, but then you could take him to the bank and let him cash it.
GET A RECEIPT!!!!!!!!!!!!
I would NEVER do this, this doesn't sound like it would end well.
Good luck and be careful!!!!
2007-11-17 06:51:15 · answer #3 · answered by Sic Semper Tyrannis 5 · 1⤊ 0⤋
It really depends on if the bank holds your first deposit. When I first opened my account with bank of america they held my first deposit for 7 days. I would check with the bank. Call their customer service #. They should be open on saturday.
2007-11-17 06:47:28 · answer #4 · answered by babyonboard 2 · 1⤊ 0⤋
call the bank and ask them.
I would guess if deposited cash it would be there then.
2007-11-17 06:47:09 · answer #5 · answered by heybulldog 5 · 1⤊ 0⤋