Cashing a check drawn on a US bank

[jaywalker2]

I received a check as part of an inheritance issued by a US bank in US dollars. I have an account in the US so I can deposit it by mail but I decided to go to SCB where I have an account and see if they would deposit it. I remember reading that they weren't going to handle checks anymore and, in fact, the service representative really didn't know what to do but after consulting with another staff member and calling the head office she told me they could deposit the check for me but it would cost $15 upfront, another $45-100 if they had to "send it out for collection" whatever that means and that it would take 45-60 days.  Of course, they would also screw me on the exchange rate.

 

I suppose I'll send it to my US bank and deposit it by mail now, which will probably take about 10 days but I'll save on the fees and the exchange rate conversion. You would think technology would have made things more convenient not more expensive and difficult.

[NoDisplayName]

2 minutes ago, jaywalker2 said:

You would think technology would have made things more convenient not more expensive and difficult.

 

Your US bank most likely has a remote deposit function within the app, meaning you don't have to physically deliver the check.

[chiang mai]

I had this problem a few years ago and my bank, UOB wouldn't touch it. CIMB would but it took 30 days and the terms weren't good...it a was a Treasury check too.

[JohnnyBD]

41 minutes ago, jaywalker2 said:

I received a check as part of an inheritance issued by a US bank in US dollars. I have an account in the US so I can deposit it by mail but I decided to go to SCB where I have an account and see if they would deposit it. I remember reading that they weren't going to handle checks anymore and, in fact, the service representative really didn't know what to do but after consulting with another staff member and calling the head office she told me they could deposit the check for me but it would cost $15 upfront, another $45-100 if they had to "send it out for collection" whatever that means and that it would take 45-60 days.  Of course, they would also screw me on the exchange rate.

 

I suppose I'll send it to my US bank and deposit it by mail now, which will probably take about 10 days but I'll save on the fees and the exchange rate conversion. You would think technology would have made things more convenient not more expensive and difficult.

Why don't you check if your bank has a mobile check deposit feature. OK, so you checked and the amount is over the limit. Please disregard my post.

[jaywalker2]

14 minutes ago, NoDisplayName said:

 

Your US bank most likely has a remote deposit function within the app, meaning you don't have to physically deliver the check.

Yeah, but the amount is over the allowed limit. There has been a spate of remote check frauds in the US lately and banks and brokerages are limiting how much you can deposit.

[NoDisplayName]

3 minutes ago, jaywalker2 said:

Yeah, but the amount is over the allowed limit. There has been a spate of remote check frauds in the US lately and banks and brokerages are limiting how much you can deposit.

 

It's over the standard limit in the brochures.

Call and speak to someone to have your check deposit authorized. 

[jaywalker2]

I already contacted them. They told me that mail deposit was the only option. Most banks have very small limits on mobile deposits. At Citibank it's only $1000 a day for example. Fidelity lowered their maximium to $1000 too after dealing with a number of fraud cases. Apparently, you could deposit a fake check and withdraw the money before they discovered it.

[mogandave]

Been a while, but I’ve deposited several to my K-bank account and I think there was a fee and a 30-day hold. 

 

I would just mail it to your US bank, unless you want the money here. 

 

 

 

 

[Everyman]

I would fed-ex it to my bank in the US and insure it for the amount of the check. 

[still kicking]

What is a check? We had them years ago 

[Hawaiian]

3 hours ago, jaywalker2 said:

I already contacted them. They told me that mail deposit was the only option. Most banks have very small limits on mobile deposits. At Citibank it's only $1000 a day for example. Fidelity lowered their maximium to $1000 too after dealing with a number of fraud cases. Apparently, you could deposit a fake check and withdraw the money before they discovered it.

This is why banks put a hold on deposited checks until they are cleared.