Before I get trolled, this is for a project that I did and I owe my subs the majority.

It has taken almost 2 months to get paid and I need to get my subs paid up. My bank says that the check will take 7 days to clear.

Can I go to the bank of the company that wrote the check and cash it then deposit it to my bank?

Said check is $60k ish

3/22/2010 11:21:21 AM

drug money

3/22/2010 11:22:13 AM

Good Day, sir.

3/22/2010 11:22:38 AM

Quote :

"Can I go to the bank of the company that wrote the check and cash it then deposit it to my bank?"

theoretically, yes

not sure that they have $60k on hand, or that they can/will give you that much...i suspect they'd give you a cashier's check or something...maybe do a wire transfer?

3/22/2010 11:23:07 AM

I has a similar experience recently

STRAIGHT CASH HOMEY

3/22/2010 11:23:16 AM

Quote :

"Can I go to the bank of the company that wrote the check and cash it then deposit it to my bank?"

Why don't you just call said bank and ask them? If they will cash the check for you, then i see no reason why your bank wouldn't allow you to deposit it.

3/22/2010 11:23:26 AM

You really needed to get a cashier's check in the first place. There is no guarantee that the (customer's) bank will cash it for you:

Quote :

"I went to a bank to cash a check that was drawn on the bank. I do not have an account with the bank and they refused to cash the check. Can it do this? Yes. There is no federal law or regulation that requires national banks to cash checks for noncustomers. Most banks have policies that allow check cashing services only for customers who have an account with them in order to protect both themselves and their customers from forgeries. Once a national bank cashes a check that has been forged by a noncustomer, they may lose money if they cannot collect from the person who cashed the check. Also, if a national bank agrees to cash a check for a noncustomer, it may legally charge the presenter a fee."

http://www.helpwithmybank.gov/faqs/banking_check_cashing.html

[Edited on March 22, 2010 at 11:26 AM. Reason : ]

3/22/2010 11:25:35 AM

Sign the check over to me, I'll take care of it for you.

3/22/2010 11:26:20 AM

Quote :

"where'd ya learn that cheech... drug school?"

I am not sure what bank they use yet. Waiting on the check to get here

3/22/2010 11:26:31 AM

There is a Bank of Nigeria at crossroads fyi

I'm AstralAdvent and i approved this message.

3/22/2010 11:28:28 AM

If they do agree to cash it, ask for it in all $1s

3/22/2010 11:28:34 AM

then throw it around in your room and roll around in it

3/22/2010 11:30:16 AM

and then make it rain in the lobby of the bank?

3/22/2010 11:30:20 AM

Hell yeah. Then when you go to your bank to deposit it, bring it in pillow cases all wadded up

3/22/2010 11:31:29 AM

lol

3/22/2010 11:32:26 AM

Then you can be all like "see, you should have just deposited the check bitches"

3/22/2010 11:33:20 AM

if you could please post the location that you will be cashing this check and the vehicle you will be driving, i will be sure to not be in the back of your car with a gun lending a hand to the redistribution of said funds

3/22/2010 11:33:37 AM

Quote :

"If they do agree to cash it, ask for it in all $1s"

Big weekend at Pure Gold?

3/22/2010 11:36:40 AM

Quote :

"Hell yeah. Then when you go to your bank to deposit it, bring it in pillow cases all wadded up"

Make sure to sprinkle the pillow cases liberally with red food coloring before hand as well.

3/22/2010 11:52:56 AM

I too, have a lot of money.

3/22/2010 12:54:29 PM

Expect a decisive tackle by the FBI as soon as pass the bank's exit doors after cashing the check.

3/22/2010 12:56:59 PM

it's illegal to have more than 10k on your person at anytime. just call the bank and most of the time they can push it through, at least for the amt you need to pay out.

[Edited on March 22, 2010 at 1:05 PM. Reason : a]

3/22/2010 1:04:52 PM

You cannot cash a check over like $1500 unless you're an account holder at the institution.

Even then they'd never, ever, cash a $60K check. Most places will let you inquire about the status of funds; but it's for a nominal fee. Even so that's a current status of their account, which can change before it actually clears.

And wtf did you do to make $60K in 2 months?

3/22/2010 1:06:44 PM

I thought this thread was about one of these:

3/22/2010 1:08:57 PM

Thanks to our lovely fractional reserve banking system, banks never actually have the money that appears on their balance sheets. A good deal of their assets are funny money wired over by the Fed.

3/22/2010 1:12:20 PM

I once stumbled upon a closet full of giant Ed McMahon checks when I worked at SECU

3/22/2010 1:25:29 PM

Quote :

"And wtf did you do to make $60K in 2 months? "

he didn't make 60K in 2 months

his revenue was 60K in 2 months

which isn't all that crazy or anything in construction

3/22/2010 1:33:47 PM

^missed that part. And for revenue that seems low... maybe his profit margins are higher than they are in the HVAC industry.

3/22/2010 1:39:08 PM

most places are gonna place a hold on this amount in order for the funds to clear

if your subs have waited 2 months already, a week isn't gonna kill them

3/22/2010 1:39:39 PM

the job was 67,700. subs account for roughly 2/3 the job took a month total. margins were pretty good. wish I could do one a month.

3/22/2010 1:49:12 PM

Yeah, if it's not a cashier's check, you're just going to have to wait the 7 days.

If it's a cashier's check, you can generally get access to 30-50% of the deposit the next business day and the remainder in 5-7 days (totally up to the bank's discretion).

El Borracho: You are completely wrong. It's not illegal to carry more than 10k on your person (or any amount). It's only illegal to cross state lines with more than 10k on your person without declaring it with authorities beforehand.

ctnz71: You can also go talk to your bank rep and see if they will set your company up with a line of credit based on the check and a promisory note to maintain a checking balance in the future. That would get your employees paid immediately and would only cost you a small fee (usually 13-20 dollars) for using the line of credit.

3/22/2010 2:00:05 PM

why do you owe 2/3 of 67k to car speakers?

3/22/2010 4:54:44 PM

I'm not sure, but something tells me he means sub-contractors....

3/22/2010 4:57:16 PM

check came today. they use a bank in boston. 5k will be available wednesday morning and the remainder April 1. I will pay a couple of the small subs and make the others wait.

3/22/2010 5:25:00 PM

Quote :

"I once stumbled upon a closet full of giant Ed McMahon checks when I worked at SECU"

3/22/2010 5:32:01 PM

ah, the good old waiting game between owners, GCs and subs/vendors

3/22/2010 5:34:57 PM

Even if you could get the bank to cash it, you would get slapped with a SAR. You don't want that. For 60k, there is a good chance the Feds (IRS) will come knocking on your door and doing to research into why you deposited such a large amount of cash. No one wants the IRS knocking at our door.

3/22/2010 5:49:33 PM

i would have them in for a glass of sweet tea

3/22/2010 8:40:11 PM

Quote :

"why do you owe 2/3 of 67k to car speakers?"

Why do they have to be car speakers? Why can't they be home theater speakers?

3/22/2010 8:45:26 PM