Money transfer help please

The problem: I have a physical check for $200,000 that I need to deposit to my online bank. They accept e-deposit (pic from my iPhone) but only for $50,000 at a time.

My options are, as I see it, take the check to the issuing bank and get four $50,000 bank drafts and try to e-deposit them. Downside, paying for them. That and I’m not sure I can e-deposit a bank draft.

Numero two-o, snail mail the check to my online bank. The USPS will not insure the full 200g and if it gets lost that will probably cause major headaches.

Third, I have a Wells Fargo account. I suppose I could deposit it with them and have them route it over but I hate them and don’t trust them to do it in a timely manner and not charge me an arm and a leg for it. Plus they can legally hold it for 7 days.

Getting the issuer to re-write the check/s is not an option.

Open for suggestions on the best/safest way to do this. Thanks.

The safest way to do it is to deposit it physically into your Wells Fargo account, then work out a fund transfer to your online bank.

That may not be your favorite alternative, but you asked for best/safest.

Another first world problem.


So what?? 99% of the posts on this board are first world problems.

Lucas Jackson, do you trust credit unions? I don’t know what their policies are, but maybe go talk to one? I haven’t had a $200K check, but mine has been able to handle everything I throw at them.

Why do you have a Wells Fargo account if you’re not even going use it? If ever there was a time to use it, it would be now. Any method you use is going to take time for the $200,000 check to clear. You can write checks off of the Wells Fargo account to make e-deposits into the online account, and they shouldn’t be charging you anything extra for doing any of this.

I also have online and brick-and-mortar accounts. (I got cash tips at my job and wanted to keep my onliner for other features, if you must know.) Transfers from the physical to the virtual wouldn’t work (I forget why), but I could link the former to the latter and set up transfers from there. If you don’t trust WF, see if you can use my method. Funds were available immediately except on weekends, but this was for smaller amounts.

In fact, I still use this method, as e-deposits are a pain the other way.

Thanks all for the input. The above won’t work as it’s a savings account. I don’t think I can write checks against it.

I am coming around to using WF though. Unless someone has a better idea before then I think I’ll schedule an appointment with them on Monday and speak to a bank manager for advice.

WTF? How do you figure? I’m not whining about anything I am asking a legitimate financial question in the forum for opinions.

You can certainly withdraw it from WF after the check clears, in whatever size chunks you want.

I have a small investing account. I can certainly set up any bank account I have to be accessed by that account and request a transfer from a savings account to my completely different company investment account.

Ok, so the investment account only accepts $50k at a time. Are you that desperate for the money to be in that account that a couple of days to transfer it in four chunks is too time consuming?

Go to your investment account on-line and look for where you can connect it to a bank account for transfers. You should be able to do this with most any on-line investing company.

Moderator Note

I’m seeing more and more of these “first world problems” type of posts. They are not helpful and are basically a threadshit. Don’t do this again.

Lucas Jackson, I had this same problem not too long ago with my online bank. I called them and explained where I got the check and they waived the deposit maximum on their mobile app for my account for one day only. Maybe your bank could do the same. Good luck.

Chimera: “Ok, so the investment account only accepts $50k at a time. Are you that desperate for the money to be in that account that a couple of days to transfer it in four chunks is too time consuming?”

No, not desperate but I am trying to buy a house so the sooner the better. A week or so won’t matter.

Great idea. I’ll call them Monday and give it a try. Thanks.

I’ve been in the exact same situation, although not quite the same amount of money. The bank lifted the mobile deposit restriction for a day to allow me to deposit the check. I think they may have held the funds for a few days, but like you, I didn’t need them immediately.

If you can physically get to the issuing bank, I would go there, give them the check back, and ask them to wire transfer it to your online bank.

I don’t understand why “Calling my bank and asking them what I should do” is not something you would do before “Asking strangers on the Internet”

It’s called gathering data while my banks are closed. And it’s a perfectly valid thing to do. It’s not like I’m asking on 4chan.

If you really don’t want to snail mail it or deposit and wire it, my suggestion would be to use something like FedEx overnight (and make a photocopy first). I know it’s still getting mailed, but the chance of it getting lost seem slim.

If you’re comfortable with having that much cash on you for a few minutes, you could probably talk to a bank manager at the issuing bank about cashing it, then running it over to your bank. But even doing that, you’ll likely have to wait a few days for them to order the cash.

I’m guessing the issuing bank won’t turn it into cashier’s checks without you having an account with them.

Personally, I think the best option is to deposit it in your personal account, wait for it to clear, and transfer it. You should be able to have your bank call their bank and verify the funds before depositing it. That should, at least to a point, speed things up a little since you don’t have to worry about it being NSF and in some cases (don’t know about this one), they may waive or shorten the holding period if they’ve done that.

As others said, call your online bank and explain the situation. They may very well have a workaround for this exact situation. Perhaps something along the lines of you taking a picture of the check and emailing that to them to bypass the online deposit limits from the app.

ETA, does WF really charge you to deposit and/or transfer a check?

I’d be interested to know if this works. Most banks will cash a small check drawn on one of their accounts for a non-customer. But it seems to me that they may be issues with processing a large outgoing payment on the authority of a non-customer. Would presenting i.d. such a drivers license be adequate proof that you are the payee of such a large check? Are there regulatory concerns, since you haven’t gone through the formal identification procedures that take place for a new customer?

I would think as the issuing bank they would be required to honor it. I’d guess that most checks draws against banks are made out to non-customers.

Some banks would cash a check unless you have an account with them. But it’s certainly worth asking, or asking WF, or asking your online bank about bypassing the limit.