check question

[Anonymous]

my dad received a five figure settlement check. He wants to know if he can take the check to the bank and cash it out. He doesn't want to just deposit and keep it in his bank because of trust issues. thanks

[Anonymous]

Typically, banks do not carry a lot of cash. He will most likely need to speak with his local branch manager and let them know about the check and his intentions. For security, they can't tell him what day to come back on, but can assure him within x amount of days, they'll be ready!

Source: Friend is a teller at Huntington. They don't keep anymore than $25k in cash, at least at their branch lol.

[Anonymous]

So I'm guessing that he doesn't want to deposit some into an IRA?

Also, I think they'll report any amount over $10K to IRS. FYI 

[Anonymous]

With a settlement check if it's for pain and suffering and not lost wages they don't report to irs and there's no taxes taken out. 

as someone mentioned if you call the bank and have them order the cash they will cash it out when they have the cash. 

I have been done this road before unfortunately. Also depends on the bank. I've gone into a b of a branch and withdrew $75k without giving them the heads up. 

best to call the bank he banks with and let them know 

[satio]

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@Anonymous wrote:

So I'm guessing that he doesn't want to deposit some into an IRA?

Also, I think they'll report any amount over $10K to IRS. FYI 

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Banks only report CASH deposits >10k to IRS , by law they have to.

Regular deposits  > $10k are not reported to the IRS. I have received and made such deposits via check, wire transfers, international wire transfers, etc on a regular basis for over 30 years across many different banking institutions and accounts and I see no evidence that these have ever been reported to the IRS.