My boyfriend received a check for his trade-in, approximately $7,000. He plans to visit a Bank of America branch tomorrow to cash it and use the payment for a new car. Does anyone know if BoA allows this, and are there any known limitations? He does have an existing account with Bank of America, if that helps!
Bank of America often permits clients to cash checks, especially if the payer’s bank is also a significant institution. Since your partner has an existing account, he shouldn’t face substantial problems. However, it’s essential to contact beforehand or check their website for any special criteria or constraints, such as holding periods for large checks, to guarantee a smooth transaction and usage of the cash for his new automobile purchase.
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Customers of Bank of America are normally able to cash checks, including trade-in checks, provided that there is enough money in the payer’s bank account. However, branch discretion and account status may cause policies to change. If you already have an account, it might make things easier, but to be sure there are no surprises, you should check in advance with the branch.
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Check-cashing limit is set at $2500 for non-customers unless it’s stated on the account. Usually, some commercial accounts that do payroll by check let you cash a larger amount and sometimes no $8 fee.