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How To Handle A Large Check Deposit Quickly

bobert456
  |     |   188 posts since 2022

TIME is money. It always seems like I get my hands on a large check, say $100,000 on Friday Afternoon. I want it deposited and to start earning interest as soon as possible. Don't want it sitting dormant over a weekend if I can avoid it. Making a deposit at a large bank will get it posted, but most have such low interest rates on any deposit that this is not an option.

Assuming it is early enough on Friday, one option might be a shared branch deposit to a credit union with a decent share account interest rate, but then I need one that will also pay interest even while that deposit may be in a HOLD STATUS for a few days. And some credit unions do not like LARGE SB deposits.

Edeposits (mobile banking) seem to have low daily/monthly limits, and in many cases do not pay interest until after the deposit clears. I'm OK with having a hold on the funds, but need it to be accruing interest during the hold.

We have lots of folks with lots of experience moving large funds here at DEPOSIT ACCOUNTS ( I sure miss KEN ). Do any of you have any solutions to large check deposits with quick posting of interest (like next day) during the hold period.

( FYI - ALLY has been great for many solutions, but they do not have branches and edeposits are limited to under 50K on a daily basis).

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Answers
Ally6770
  |     |   4,321 posts since 2010
I wire large sums but use Credit Unions and haven't used a bank in 7 years and most of the time wire money for CD's or IRA's that are all 6 figures. My local credit union has been matching my MM account which is also well into the 6 figures. I also have a large CD maturing in March but will have them put it in a free checking account like I do with my RMD's they opened for me and will deposit it in my local credit union if the CD rate I am looking at now changes.
This last Dec and and also on Jan 2, I wired two 6 figures CD's to other credit union for a better rate. The new CD's were made out the same day the credit unions received the money. Actually the 2 sending and the 2 receiving credit unions didn't even charge me a wire fee. The money was sent the morning the interest was shown as posted in the maturing CD's and the new CD's were made out the same day. They gave me the same rate for 5 yrs even though the rate had changed. I still try to make every penny earn interest even use the reward checking accounts and cash back credit cards and Costco gas with a 5% cash back credit card.
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John19
  |     |   397 posts since 2022
I had a $500k check that I deposited at Navy Federal onto their Jumbo Money Market so it at least got 2.25% for the seven day holding period. If you live near a bank like Capital One you can go in branch and deposit it on your savings account or maybe a Citi no-penalty CD might work.
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John19
  |     |   397 posts since 2022
I bought VTI and some 5% CDs. I didn't leave it at Navy Federal lol.
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bobert456
  |     |   188 posts since 2022
                                  

                     

                        
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bobert456
  |     |   188 posts since 2022
                         
               

     



again, post got truncated
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JPQ
  |     |   14 posts since 2022
Fidelity brokerage will start giving interest on deposits made into your 'core' account the same day. Haven't tried that but that's what I was told.
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bobert456
  |     |   188 posts since 2022
I believe you are correct, but then they hold the funds for up to 16 WORKING DAYS. By that time, and CD special you were wanting to use is probably closed
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bobert456
  |     |   188 posts since 2022
keep getting truncated .... will post via a new subject
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