Investor · San Jose, CA · Member since 2017 · 453 posts · 254 votes
8y
@Loren Becker in $100 bills with a stainless steel briefcase handcuffed to your wrist with bodyguards. But in all honesty congrats!!! that's an awesome flip!!
I just flipped my first house and had a sizable check from escrow. I deposited into my business bank and they put a long hold on the deposit.
What is the best way to deposit these sizable checks?
Thanks in advance
Loren
First, congratulations on having that problem! I wasn't sure if you were braggin' or complainin'. ;-) Just kidding.
You can have escrow cut you multiple $5,000 checks or $1,000 checks or checks to various accounts. They could do a combination of Wire Transfers or Cashier's checks. They might charge a little to break it into multiple checks but not usually.
Contractor · Los Angeles, CA · Member since 2015 · 4k+ posts · 1k+ votes
8y
Loren Becker Have your bank call the issuing bank. I had that problem on my first few
months in business, 21 BUSINESS days to clear 2 pcs 100k check, called the call center and explained my situation, needed to pay my bills on time and etc, maintained my patience for the duration of the call, they verified the issuing bank, made sure check was valid and money was on hold towards them, they then adjusted my account to overnight clearing, ever since that call, all
my checks are cleared overnight except non-working days.
Developer · San Diego, CA · Member since 2015 · 1k+ posts · 1k+ votes
8y
@Loren Becker Do more of those projects and do the exactly the same. :) The more business I've done with my current bank, the more they know what is "typical" behavior, and the better they know me. Haven't had holds put on anything for the past several years.
Real Estate Entrepreneur / Investor · Chicago, IL · Member since 2016 · 688 posts · 367 votes
8y
hopefully you have a business account.....if you do it shouldnt be that long of a hold since you have the check already. Wire transfer is the best as people have mentioned.....but I imagine that your asking this question because you dont have a business account?
Guy with Great Hair · Austin, TX · Member since 2013 · 2k+ posts · 4k+ votes
8y
banker here - do you have a relationship with this bank? you should!
If you have a large deposit like that, you want to have a bank that you can call someone at and tell them the deal, and allow them to remove the hold.
The less a bank knows you, the less active the account, and the more suspicious a transaction looks the longer the hold will be. This is your first one so it'll get the longest hold, as you do more they will loosen up.
Also, with fraud getting worse banks have gotten even more strict. I've had many cases where its' cheaper to end a relationship with a large client that we can't come to an understanding on these things than it is to take their money and the additional unknown risk.
someone mentioned to break the checks up. This will certainly be flagged as fraud and a notice of such will be sent to the government. This is not bank policy, this is mandatory regulation.
a wire transfer will fix all these problems too, but then you are only able to wire. Just go to your bank and make a friend, let them know you're not a fraud and ask for some help, they will be happy to try and find a solution.
Investor · Des Moines, IA · Member since 2015 · 380 posts · 201 votes
8y
In my opinion, smaller banks are way better. I was with us bank for awhile and they were fine but both of my new banks allow me to wire without going into office, less fees, easier to work with. Not to mention having that relationship with small bank would go a long ways if you go to get financing.