All I can tell you is what they tell me. I have heard this about 5/3, PNC and KY Farmers (I cant remember the full name there). We use Huntington and they are not usually too bad. The worst was Farmers, our contractor said a 17K deposit was made available after 7 days. It certainly doesnt behoove them to lie about it...they are getting cash, checks would take as long if not longer.

Our bigger cash deposits always take 48 hours ish to clear in full. We get the first 10K right away and the rest clears later.

 

That I can understand, as laws require transactions that large, get more scrutiny.

All I can tell you is what they tell me. I have heard this about 5/3, PNC and KY Farmers (I cant remember the full name there). We use Huntington and they are not usually too bad. The worst was Farmers, our contractor said a 17K deposit was made available after 7 days. It certainly doesnt behoove them to lie about it...they are getting cash, checks would take as long if not longer.

 

We use Huntington for some personal as well as my wife’s business account. While it sounds like your deposits are much larger than ours (ours are typically under $5k), the longest we have to wait is 48 hours for a check to clear.

That I can understand, as laws require transactions that large, get more scrutiny.

 

Maybe that is what it is...over the 9999.00, or whatever the magic amount is I cant remember exactly, amount is scrutinized. I am not talking about 1-200 dollar deposits here. This would be for more substantial deposits, but still.

That I can understand, as laws require transactions that large, get more scrutiny.

 

Yes, but it makes it tough when your write close to 40K in checks that weekend and it takes days to deposit the cash from the event.

Biggest thing that gets me anymore is the cost to deposit cash just keeps going up. With all our events we do (most of them being cash based events), we deposit large amounts of cash, and it cost more and more every year to do so. We easily spend 2-3K in cash deposit fees every year.

 

You get charged to make deposits?

You get charged to make deposits?

 

Many banks do charge customers who make large cash deposits. I think most places, the first $10k is free. After that, they'll charge you a certain percentage. The few times I've encountered it, the fee was around .20/$100 over $10k. Not horribly expensive, but a charge nonetheless. The fee is due to the extra work and reporting involved in handling large sums of cash.

Many banks do charge customers who make large cash deposits. I think most places, the first $10k is free. After that, they'll charge you a certain percentage. The few times I've encountered it, the fee was around .20/$100 over $10k. Not horribly expensive, but a charge nonetheless. The fee is due to the extra work and reporting involved in handling large sums of cash.

 

I work for a credit union and we don't do anything of the sort. That's definitely a bank thing, charging you to give them cash? How ridiculous. :lol2:

You get charged to make deposits?

 

Yep, exactly what RJS said to a T.

Yep, exactly what RJS said to a T.

 

I would suggest a different financial institution. The reports that are done take seconds along with the counting of the deposit.