How to deposit checks that are wildly out of the ordinary for me?
December 31, 2006 7:55 AM Subscribe
I have two personal checks, both VERY large, to deposit into my checking account. This is slightly freaking me out since I've never done such a thing in my life (and I've had unusually low account balances for 6+ years). Can I just do this without making my bank suspicious or causing any problems?
posted by anonymous to Work & Money (55 answers total)
Two checks for $10,000 each. One of them I only found out about yesterday and my mind is still sufficiently blown that I am only now starting to think about the practical realities. I already understand that these checks are each the right amount that they will not have tax implications for me on my personal income tax.
The first check is just from my grandmom -- an incredible thing in and of itself, but since it's from a family member and with my same last name, I think no bank would find it that suspicious.
The second check is from a (rich!) friend of the family who apparently got so entranced by all the stories from my volunteer work that she simply wrote out a (completely unsolicited by me) 10K check (yesterday!!!) that she says is for me to use anyway I want. So I had *just* gotten used to getting this huge amount from my grandmom and here comes another equal amount. Pardon me while my head explodes, but more to the point for this question:
I've had this checking account for 6+ years, and my overall average monthly balance has probably been under $100. I just basically live a life that's full of barter and moving around, and not full of money. So I am really not sure if I should just deposit 20K into a bank account that's had next to nothing for six years. I happen to be clean as a whistle so if anybody has any criminal concerns they wouldn't find anything -- but even an investigation is also the last thing I want to bring on my family / friends? As you might guess I'm somewhat scared of money and intimidated by institutions in general (grew up poor and am still pretty marginal).
So, SOLUTIONS: Could I deposit one of the checks straight into a different bank, like open a new checking account? But would that be more or less suspicious??? Or use the second check to buy a savings bond or other kind of account that only is accessible in a long time like 12 or 18 months? Or do I just take a deep breath and deposit both?? Would it help to deposit them at different times?
Also, I bet I could give back either of these checks and ask for it to be a bank transfer to my account instead. If it would look better to do 1 check + 1 xfer?
(p.s., yes, I am taking this newfound wealth very seriously and will carefully not squander it -- I don't want to make my question even longer but trust me on that one!!)