That would only work if the OP had four checks, each for $50,000, but he does not. He has one check for an amount in excess of the bank’s deposit limit for e-deposit.
Mail is very rarely lost, and the USPS shouldn’t insure a check for that amount because of course you aren’t actually out that amount if it’s lost. You’re out some headaches. Maybe major ones, but any organization that can cut $200k checks can also figure out how to re-cut one.
I agree that this is generally the best plan.
If you don’t like WF as a brick and mortar bank, You could go find another local bank you like and open an account? I bet they’d be happy to have your $200k deposit (maybe don’t tell them you’ll be transferring it out immediately).
I don’t think you can assume that they are obliged to honor it in any way that a non-customer demands, such as initiating a wire transfer on the instructions of someone they don’t know. Given concerns about money-laundering etc., I wouldn’t even be surprised if they are not allowed to execute a wire transfer for a non-customer who has not been through the identification process when you open an account. But I just don’t know, it’s worth asking.
My guess is that if you walk into a bank as a brand-new customer and the first thing you want to do is deposit a check for $200,000 (and then move the money somewhere else), they’re going to be a little suspicious. Certainly the funds will be on hold for a while.
I think the money laundering angle is part of the reason they typically don’t cash checks unless you have an account. You may not see it while you’re standing at the desk, but the check is likely deposited into your account and then the funds are withdrawn as cash.
Similarly, if you go to a bank with cash and ask for a cashier’s check, they’ll deposit it, then take that money for the cashier’s check.
Doing this creates a trail. They know who handed them cash or who they handed cash to.
Of course, I’m sure they don’t mind that it means people will do banking at their own bank or if this bank is so much more convenient for them, they’ll open an account.
Update: I called my online bank (twice!), they would not budge on waiving the 50k deposit limit. Next, I went into WF. If I deposited it there they have a $15,000 limit on a one time transfer, $1000 a day after that and $25,000 limit per month.
In the end I shipped it UPS, it was cheaper than FedEx.
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That’s the limit for free transfers.
There is no limit for a wire transfer, which costs $30.
I doubt anyone can get $200000 in cash without an appointment, regular customer/account holder or not.
As for wire transfers, no problem, but you will need an account number at the bank to transfer into or out of.
That and the associated BS I have to put up with. They are not helpful or friendly. They make everything as difficult as possible. That’s why I transferred almost all my funds to Ally, which I can’t say enough good about. I only keep WF so I have a bank I can walk into, B&M.
You should switch your online bank to Ally, they are available 24/7.
Oh, you do use Ally. Did you forget that they are available 24/7?
Yes. I’ve only been an Ally customer for s few months.