Our insurance provided a check to cover the contractors’ costs because we had significant hail damage. When my wife visited a bank location, they informed her that checks for more than $30,000 could not be deposited. The bank must receive those by mail. Is there anyone who has heard of something similar? We find that to be utterly ridiculous.
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Yeah, some banks have policies where they need large checks mailed in to prevent fraud. It’s a hassle, but it’s probably just their security measure.
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Since the bank has a stake in your property, they’ll likely ask for your insurance paperwork, such as the adjuster’s report and possibly the contractor’s estimate. They want to make sure you repair your house.
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I experienced this with Citi years ago. At the time, they were in charge of my mortgage, and I got a $37,000 insurance refund cheque. I had to ship it to their insurance review location and sign it. They assured me that they would retain the money and give it to the contractor who would make the repairs following inspection. Fortunately, they must have taken a hit because a few weeks later, they mailed me the check back, which was endorsed by that time as well, and I was able to deposit and retrieve it on my own.