How can I deposit a $12k check?

Seeking Advice
1

I received a $12k personal check from my aunt as a graduation gift for completing my master’s degree this winter. The problem is that my bank, Capital One, doesn’t have a branch near me, and their mobile app only allows check deposits up to $5k.

The check is issued through Wells Fargo, but they don’t have branches in my state either. I plan to invest the money, but I need to figure out how to deposit it first. What are my options for depositing this check safely? Thanks in advance for the advice.

2

You can mail the check to Capital One for deposit. Contact their customer service to confirm the address and instructions. Use a trackable mailing option for peace of mind.

3

Vincent said:
You can mail the check to Capital One for deposit. Contact their customer service to confirm the address and instructions. Use a trackable mailing option for peace of mind.

Thanks for the advice. I checked, and mailing it seems to be the only option they suggested. I’m considering driving to my investment bank next week to handle it in person instead. By the way, I endorsed the check for mobile deposit before realizing my app wouldn’t accept it. I’ll double-check with the firm tomorrow.

4

@Laura
If you already wrote ‘for mobile deposit’ on the back, they might not accept it elsewhere. Ask me how I know.

5

jare said:
@Laura
If you already wrote ‘for mobile deposit’ on the back, they might not accept it elsewhere. Ask me how I know.

Ugh, thanks for the heads-up. I’ve decided to open a free checking account at a local bank near me tomorrow. It won’t be my main account, but at least I’ll have a nearby branch for situations like this. I’ll deposit the check there and transfer it to my investment account once it clears.

6

@Laura
Be cautious. Some banks might not let you deposit a check like this if it’s marked for mobile deposit. They might put a long hold on it if they allow it.

7

@Laura
If the local bank agrees, they may still place a hold on the funds to ensure the check is valid. Explain the situation to the branch manager when opening the account. They’ll make the call.

8

Does Capital One have ATMs in your area that accept deposits? Check their website to confirm.

9

Wynn said:
Does Capital One have ATMs in your area that accept deposits? Check their website to confirm.

Unfortunately, there are no ATMs within 100 miles of where I live.

10

JessicaSharon said:
It might be worth opening a new checking account at a bank with a local branch. You can deposit the check there and use it for emergencies too.

Good point. Having a local branch for occasional use could be helpful. I think I’ll do that.

11

Open an account at a local bank, deposit the check, transfer the funds, and close the account if you don’t need it afterward.

12

It might be worth opening a new checking account at a bank with a local branch. You can deposit the check there and use it for emergencies too.

13

You could mail the check to Capital One for deposit or deposit it directly with your investment firm. Many firms accept checks for funding accounts.

14

Corey said:
You could mail the check to Capital One for deposit or deposit it directly with your investment firm. Many firms accept checks for funding accounts.

I think I’ll drive to my investment firm next week. I’m not comfortable mailing a check of this size.

15

I once mobile-deposited a $43k check with Discover. They released some funds immediately and the rest over a few days. No issues.

16

CashMaverick3 said:
I once mobile-deposited a $43k check with Discover. They released some funds immediately and the rest over a few days. No issues.

That sounds convenient. I might consider switching to Discover if they make it easier.

17

Your mobile deposit limit is $5k? That’s low. I’d switch banks for that alone.

18

Timber said:
Your mobile deposit limit is $5k? That’s low. I’d switch banks for that alone.

Yeah, the limit is frustrating. I usually don’t deal with checks this large, though.

19

Have you asked Capital One if they can raise your deposit limit for this one-time check?

20

Unclewaffl3s said:
Have you asked Capital One if they can raise your deposit limit for this one-time check?

I called, and they told me to mail the check. I’d rather avoid that if possible.