From Kiplinger · · 1m 20s
Large Check Deposit Guide
How to safely deposit big checks and grow your money.
In brief
How to safely deposit big checks and grow your money. Deposit large checks through bank options and store in high-yield savings or CDs to earn interest while planning for future goals. Originally reported by Kiplinger.
Large check deposit challenges
Banks impose mobile deposit restrictions for checks over $10,000 to protect against scams.
Bank solutions for big checks
Contact your bank to request overnight processing or use certified mail to track the check delivery.
Credit union alternatives
Credit union members may access partner branches for check deposits without visiting a branch directly.
Electronic payment option
Request electronic payment from the check issuer to avoid deposit hurdles and potential fees.
Grow your money safely
Open a high-yield savings account or short-term certificate of deposit to earn interest while planning for future goals.
High-yield savings benefits
High-yield savings accounts offer variable interest rates with higher APYs from online banks like Newtek Bank at 4.20%.
Certificate of deposit options
Certificates of deposit provide higher APYs for short-term storage without access to funds.
Early termination fees
Breaking a certificate of deposit term incurs early termination fees, so use high-yield savings for short-term cash needs.
Financial advisor help
Consider a financial advisor for guidance on managing large deposits and tax implications.
The headline
Deposit large checks through bank options and store in high-yield savings or CDs to earn interest while planning for future goals.
