Depositing large amount after closing

[Anonymous]

I inherited a large piece of land and there is a contract on it currently to close next month. The land is in another state.

I usually only keep around 500-1200 at a time in my checking account.

I was given an option to send a voided check to have it deposited in my account (never done this) or they will mail me a check.

I was wondering if they wired or direct deposited (whatever the term is) a very large amount into my small account, if I’d get shut down?

The amount is around 590,000 before fees.

Thanks for any help

[Anonymous]

It largely depends on the bank.

Personally, I would rather have the paper check as to have a paper trail of everything (Keep a photocopy of the check, get the image of the check online and save it as soon as it's available, if your bank has this).

[Anonymous]

I would call or go to the bank and ask them directly. You never know, it could possibly help that they are aware of the big check coming in too.
Congrats on the sale!

[DaveInAZ]

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@Anonymous wrote:
I inherited a large piece of land and there is a contract on it currently to close next month. The land is in another state.

I usually only keep around 500-1200 at a time in my checking account.

I was given an option to send a voided check to have it deposited in my account (never done this) or they will mail me a check.

I was wondering if they wired or direct deposited (whatever the term is) a very large amount into my small account, if I’d get shut down?

The amount is around 590,000 before fees.

Thanks for any help

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For that large a transaction I assume there is an escrow company handling the transaction? They most certainly will be able to deposit the funds into your accounts electronically, wire or ACH, and an electronic deposit will raise far less concerns than trying to deposit a check in that amount, and you'll have access to the funds much sooner than a check. But do call or go into your bank and inform them the deposit is coming, they'll be able to attach a note to your account that the deposit is expected which a security analyst will see when they review your account because of the large deposit compared to your average balance. They won't "shut you down", they should be happy to have those funds come in, but they will take precautions to ensure it is legitimate. By the way, a voided check from you is for them to ensure they deposit the funds into the correct account and that you own the account.

The last time I sold a property and had over $100k proceeds I told the escrow company I wanted the funds deposited electronically, and gave them a voided check. But that was because I was banking with Wells Fargo and I knew from previous experience they panicked when I deposited a large check even though I had been with them for years with never any problems with my account.

[UncleB]

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@DaveInAZ wrote:

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@Anonymous wrote:
I inherited a large piece of land and there is a contract on it currently to close next month. The land is in another state.

I usually only keep around 500-1200 at a time in my checking account.

I was given an option to send a voided check to have it deposited in my account (never done this) or they will mail me a check.

I was wondering if they wired or direct deposited (whatever the term is) a very large amount into my small account, if I’d get shut down?

The amount is around 590,000 before fees.

Thanks for any help

---

For that large a transaction I assume there is an escrow company handling the transaction? They most certainly will be able to deposit the funds into your accounts electronically, wire or ACH, and an electronic deposit will raise far less concerns than trying to deposit a check in that amount, and you'll have access to the funds much sooner than a check. But do call or go into your bank and inform them the deposit is coming, they'll be able to attach a note to your account that the deposit is expected which a security analyst will see when they review your account because of the large deposit compared to your average balance. They won't "shut you down", they should be happy to have those funds come in, but they will take precautions to ensure it is legitimate. By the way, a voided check from you is for them to ensure they deposit the funds into the correct account and that you own the account.

The last time I sold a property and had over $100k proceeds I told the escrow company I wanted the funds deposited electronically, and gave them a voided check. But that was because I was banking with Wells Fargo and I knew from previous experience they panicked when I deposited a large check even though I had been with them for years with never any problems with my account.

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+1

With real estate transactions bank wires are common, and would be my own preferred way of receiving the funds.  You will have just as much "paper trail" as you would with a check deposit, but no issues with a check hold.

Like @DaveInAZ says, just give your banker a heads-up and there won't be any problems.