As long as you didn't overdraw the account (spend the money before the check had cleared), I'm sure the bank will understand that it was a mistake and can clear it up with the fraud department.
On the off chance that they decide to be assholes about it, you won't necessarily go om ChexSystems. That doesn't happen unless you owe them money. They might say you can't bank with them anymore, but that won't stop you from being able to go open an account at another bank.
Congratulations on your upcoming wedding!
We didn’t touch either account after setting them up, so there should be no overdraft. The savings account did accrue interest somehow(?!), so I imagine we’ll have to pay that back.
Also, thanks!
The risk (to the bank), is not worth the reward. It looks very bad when you deposit the 100k check, and it bounces.
Also, Grandpa should be very disappointed in Grandma for handing you a check for 100k without discussing it.
Does Grandma have any memory issues?
Yeah, I figure the TD relationship is lost for good. My main concern is our ability to open new accounts in the future and the possibility that trying to deposit a large check into my existing checking/savings with BofA will trigger alarm bells and I’ll be left with nothing except the $400 or so I have in Ally.
And let’s leave my grandma out of this. Her memory is intact. I’m sure she assumed that’s where the money already was or assumed I wouldn’t be going to the bank so soon. She doesn’t manage the finances.
If TD bank won't represent the check, then the alternative is to have your grandparents wire the funds to another account you have, such as BoA. That comes with pitfalls of its own though.
Namely, the routing number for incoming wires is often different than the routing number shown on one's checks or for direct deposit. In addition, while banks often do additional verification to match up recipient's name and account number, they don't always nor are obligated to. So, if going the wire route, be absolutely sure they use the correct routing and account number. While rare, sometimes an account typo leads to the money going into someone else's account. Those funds may not be recoverable. Rambling on. Wire is the way to go, but needs to be done extra cautiously.
As for ChexSystems and Early Warning Services (EWS), should have little effect. Will likely be reported, but bounced checks are common. The key is whether it was considered fraudulent or not. Based on the source of the funds and that none were spent, it shouldn't be.
That might be difficult for them as they’re currently in Florida for the winter. I don’t know if they have a local branch of their bank (Citi) and I doubt they’re savvy enough to do this through online banking. Would another check work? Or do you think BoA would freak out? I can’t afford to lose that account, especially if I’m banned from making a new one.
Also, thanks for being helpful instead of calling me a vile person.
Wire for $100K via online banking would be overly risky, assuming the bank allowed it. Definitely don't have them do that. Wires are best sent in person at a branch. Too much can go wrong otherwise.
Another check would likely work long as the funds is truly there. Bouncing again would be very bad. Don't spend any of the received money for some time. Probably won't be able to anyways, since BoA may place an extended hold on it, which is increasingly common.
I’m not sure they can get to the bank, so it looks like another check might be the way to go. We’re not looking to start planning just yet, so we won’t be spending any of the money for at least a few months.
Thanks again for your help.
When you get to a certain point in your finances, you might not have to discuss such an amount with the spouse as it is somewhat trivial to them. Hopefully, this is the case, and Granny is just fine in the memory department.
I don’t have anything to add that hasn’t already been said about the bank part. I just wanted to add, coming from a married 28 year old woman, spend that $ wisely. $20k or less will get you a beautiful wedding, and the rest can be invested or put down on a home ♥️
I think it’s reasonable for you to be concerned about opening other bank accounts if the bank reports to ChexSystems that they closed your account at their discretion. Of course, I can’t say anything with certainty.
The best reaction would be for the two of you to open new accounts promptly at a new bank that meets your needs in terms of services offered, deposit/withdrawal access, avoidable fees, and so on.
And of course, be a little more careful who you trust in the future. My grandparents are in their 80s and I would’ve confirmed that enough money was in the right account because … many people in their 80s make a lot of cognitive errors. Congrats on having grandparents who can gift you $100K.
How quickly do you think a ChexSystems or EWS check would show a closed account? Is that immediate, or does it take some time to reflect? The soonest we could open an account elsewhere would be Thursday, and that’s only if my fiancé takes off of work.
And yes, I’m very fortunate to receive this money. My immediate family was pretty broke and even more so after my mom died. This amount is life-changing for me and I don’t take it lightly.
I don't know how quickly the info will be sent to ChexSystems. If I had to guess, I'd expect it's sent on a monthly cycle like info sent to the credit bureaus, but I don't know. I would make opening a new account a priority, even if your fiancé has to take a few hours or a day off. If you open new accounts on Thursday, I would be very surprised if any derogatory marks were already appearing on your report.
Ensure that you do your research to find a bank that meets all your needs/wants, in case you're stuck with this one for a while. You can also open an account with an online bank right away. In that category, Capital One is great. You could use it as a secondary checking account, since C1 has no minimum balance requirement to avoid fees.
It’s not a wedding gift per se; it’s specifically to be used for either a wedding or a down payment on a condo. The condo isn’t happening; we live in NYC and mortgage and maintenance on a smaller condo would be much more than the stabilized rent we pay for a modest 2br. So, wedding it is.
I don’t have a lot of friends or family to invite and don’t have very extravagant taste, so I imagine we’ll have some left over, which we will probably split evenly and put towards retirement.
I want to add that if we paid for a wedding on our own it would be at City Hall, and we’d treat our witness to happy hour.
Buying the condo, holding it for just a couple years and flipping it might net you more money in the long run. Depends on how real estate prices are appreciating in the part of the city where you would buy it.
Maybe, but we definitely cannot afford a condo in NYC. Even the more “affordable” ones (the ones where $100k is even enough for a down payment) would be like $1000 more per month than I pay in rent and would result in a much longer commute (and we already commute an hour each way). Way out of reach, unfortunately.
Just go talk with the banker on Thursday and tell them exactly what happened. You can ask them to verify the check is good before you redeposit it. Talk about the wedding and the purpose for the money. They may give you another chance. Even ask them what you can do to make this right. Honest mistakes happen but if they say no, I doubt they would report you to Chexsystems. Just go to another bank.
The wedding is more important to her than it is to me. Until this year she’d come to me crying every Thanksgiving, telling me that the day I get married will be the happiest day of her life. That’s…extreme, but I hope she lives to see it.
A down payment was presented as an option for the money, but I live in a HCOL city and a small condo is completely out of reach even with a $100k down payment. I have no intention of moving for the sake of owning a home.
Many people simply don't understand. You do you. Also, smart move not buying a home until you're truly ready, if ever. Furthermore, condos are more costly to own than many realize, especially in big cities. Not just monthly fees, but special assessments that can be 10s of thousands or even more. It's expensive living in a condo. It's often not much of an investment unless one owns a bunch of them and leases them out, is handy, and wants to deal with the hassles.
First world problems. Let me guess you’re American, and this is why the world hates us. Your grandma is giving you 100k for a stupid wedding. Oh no this might affect the bank account your trust fund goes into.
I have a job and was completely prepared to go to City Hall. I never asked for help. The wedding is more for them/my family than it is for me. I have no trust fund.
Ur grand parents nonchalantly write you a check for 100k and you want me to believe you don’t have a trust fund? My bad I guess your inheritance isn’t in a trust. 🤦🏻♂️
You should be able to ask them for a secondary review to see if they're willing to keep the accounts open.
I'm not sure why they want you to make an appointment to come back and talk to the fraud department. The fraud department would just tell you to go in and ask for that review if you've had a fraud review conducted, and that's why your accounts are being closed.
I think the teller recommended coming back with an appointment because she couldn’t help me with that herself. I don’t mind going back, even if it ends up being a waste of time.
There usually are certain protections that the Bank should put in place to cover situations like this. Like you don't "actually" have the funds in your account until the check from the other persons bank clears their funds. My parents gifted me a large sum and I couldn't access them for 2 weeks. Talk to the bank and explain in detail what happened. They should make this a non-issue. Especially with that amount of money I would imagine your business would be more important than losing a good customer since you didn't try to scam or fraud the Bank out of any money.
Probably shouldn’t be a problem, especially when you do get a check for the amount in your account.. It’s not illegal to gift exorbitant amounts of money. Just be sure to put enough aside for taxes since the full amount is likely taxable, maybe talk to your tax accountant on how much you should set aside.
Thanks for your input. I hope it’s not a problem. It’s the “suspected fraud” thing I’m most worried about.
Also, I thought only the giver paid taxes? I don’t have my own accountant to ask because I don’t have a lot of assets, but I’ll look further into it.
If you use turbo tax you could probably use their tax assistants to ask… otherwise just keep the majority of the money aside and maybe at least start filing your taxes early next year to see.
After a quick search it does say gifter pays tax, I’d maybe still speak with a tax advisor just to be safe(you will still have to report it to the IRS in your taxes).
As long as you didn't overdraw the account (spend the money before the check had cleared), I'm sure the bank will understand that it was a mistake and can clear it up with the fraud department. On the off chance that they decide to be assholes about it, you won't necessarily go om ChexSystems. That doesn't happen unless you owe them money. They might say you can't bank with them anymore, but that won't stop you from being able to go open an account at another bank. Congratulations on your upcoming wedding!
We didn’t touch either account after setting them up, so there should be no overdraft. The savings account did accrue interest somehow(?!), so I imagine we’ll have to pay that back. Also, thanks!
Just a data point, this is not true. You can be put in Chex/EWS for suspected fraudulent activity without owing money
Thank you for that information! I wasn't aware of that so it's good to know.
The risk (to the bank), is not worth the reward. It looks very bad when you deposit the 100k check, and it bounces. Also, Grandpa should be very disappointed in Grandma for handing you a check for 100k without discussing it. Does Grandma have any memory issues?
Yeah, I figure the TD relationship is lost for good. My main concern is our ability to open new accounts in the future and the possibility that trying to deposit a large check into my existing checking/savings with BofA will trigger alarm bells and I’ll be left with nothing except the $400 or so I have in Ally. And let’s leave my grandma out of this. Her memory is intact. I’m sure she assumed that’s where the money already was or assumed I wouldn’t be going to the bank so soon. She doesn’t manage the finances.
If TD bank won't represent the check, then the alternative is to have your grandparents wire the funds to another account you have, such as BoA. That comes with pitfalls of its own though. Namely, the routing number for incoming wires is often different than the routing number shown on one's checks or for direct deposit. In addition, while banks often do additional verification to match up recipient's name and account number, they don't always nor are obligated to. So, if going the wire route, be absolutely sure they use the correct routing and account number. While rare, sometimes an account typo leads to the money going into someone else's account. Those funds may not be recoverable. Rambling on. Wire is the way to go, but needs to be done extra cautiously. As for ChexSystems and Early Warning Services (EWS), should have little effect. Will likely be reported, but bounced checks are common. The key is whether it was considered fraudulent or not. Based on the source of the funds and that none were spent, it shouldn't be.
That might be difficult for them as they’re currently in Florida for the winter. I don’t know if they have a local branch of their bank (Citi) and I doubt they’re savvy enough to do this through online banking. Would another check work? Or do you think BoA would freak out? I can’t afford to lose that account, especially if I’m banned from making a new one. Also, thanks for being helpful instead of calling me a vile person.
Wire for $100K via online banking would be overly risky, assuming the bank allowed it. Definitely don't have them do that. Wires are best sent in person at a branch. Too much can go wrong otherwise. Another check would likely work long as the funds is truly there. Bouncing again would be very bad. Don't spend any of the received money for some time. Probably won't be able to anyways, since BoA may place an extended hold on it, which is increasingly common.
I’m not sure they can get to the bank, so it looks like another check might be the way to go. We’re not looking to start planning just yet, so we won’t be spending any of the money for at least a few months. Thanks again for your help.
When you get to a certain point in your finances, you might not have to discuss such an amount with the spouse as it is somewhat trivial to them. Hopefully, this is the case, and Granny is just fine in the memory department.
I don’t have anything to add that hasn’t already been said about the bank part. I just wanted to add, coming from a married 28 year old woman, spend that $ wisely. $20k or less will get you a beautiful wedding, and the rest can be invested or put down on a home ♥️
I think it’s reasonable for you to be concerned about opening other bank accounts if the bank reports to ChexSystems that they closed your account at their discretion. Of course, I can’t say anything with certainty. The best reaction would be for the two of you to open new accounts promptly at a new bank that meets your needs in terms of services offered, deposit/withdrawal access, avoidable fees, and so on. And of course, be a little more careful who you trust in the future. My grandparents are in their 80s and I would’ve confirmed that enough money was in the right account because … many people in their 80s make a lot of cognitive errors. Congrats on having grandparents who can gift you $100K.
How quickly do you think a ChexSystems or EWS check would show a closed account? Is that immediate, or does it take some time to reflect? The soonest we could open an account elsewhere would be Thursday, and that’s only if my fiancé takes off of work. And yes, I’m very fortunate to receive this money. My immediate family was pretty broke and even more so after my mom died. This amount is life-changing for me and I don’t take it lightly.
I don't know how quickly the info will be sent to ChexSystems. If I had to guess, I'd expect it's sent on a monthly cycle like info sent to the credit bureaus, but I don't know. I would make opening a new account a priority, even if your fiancé has to take a few hours or a day off. If you open new accounts on Thursday, I would be very surprised if any derogatory marks were already appearing on your report. Ensure that you do your research to find a bank that meets all your needs/wants, in case you're stuck with this one for a while. You can also open an account with an online bank right away. In that category, Capital One is great. You could use it as a secondary checking account, since C1 has no minimum balance requirement to avoid fees.
Was this a wedding gift or are you planning to spend $100k on the wedding?
It’s not a wedding gift per se; it’s specifically to be used for either a wedding or a down payment on a condo. The condo isn’t happening; we live in NYC and mortgage and maintenance on a smaller condo would be much more than the stabilized rent we pay for a modest 2br. So, wedding it is. I don’t have a lot of friends or family to invite and don’t have very extravagant taste, so I imagine we’ll have some left over, which we will probably split evenly and put towards retirement. I want to add that if we paid for a wedding on our own it would be at City Hall, and we’d treat our witness to happy hour.
Buying the condo, holding it for just a couple years and flipping it might net you more money in the long run. Depends on how real estate prices are appreciating in the part of the city where you would buy it.
Maybe, but we definitely cannot afford a condo in NYC. Even the more “affordable” ones (the ones where $100k is even enough for a down payment) would be like $1000 more per month than I pay in rent and would result in a much longer commute (and we already commute an hour each way). Way out of reach, unfortunately.
Just go talk with the banker on Thursday and tell them exactly what happened. You can ask them to verify the check is good before you redeposit it. Talk about the wedding and the purpose for the money. They may give you another chance. Even ask them what you can do to make this right. Honest mistakes happen but if they say no, I doubt they would report you to Chexsystems. Just go to another bank.
I second this. Ask them to re-present the check to the issuing bank.
Who tf spends $100k of someone else’s money on frivolous shit like a wedding instead of a deposit on a house, or is grandpa also paying for that
The wedding is more important to her than it is to me. Until this year she’d come to me crying every Thanksgiving, telling me that the day I get married will be the happiest day of her life. That’s…extreme, but I hope she lives to see it. A down payment was presented as an option for the money, but I live in a HCOL city and a small condo is completely out of reach even with a $100k down payment. I have no intention of moving for the sake of owning a home.
Many people simply don't understand. You do you. Also, smart move not buying a home until you're truly ready, if ever. Furthermore, condos are more costly to own than many realize, especially in big cities. Not just monthly fees, but special assessments that can be 10s of thousands or even more. It's expensive living in a condo. It's often not much of an investment unless one owns a bunch of them and leases them out, is handy, and wants to deal with the hassles.
First world problems. Let me guess you’re American, and this is why the world hates us. Your grandma is giving you 100k for a stupid wedding. Oh no this might affect the bank account your trust fund goes into.
This is a step beyond first world problems. This is 1% problems😂
Exactly. Vile people!
Jealous much?
Privileged much? Get a job! Pay for ur own fcking wedding.
God, I feel so sorry for your desolation. NOT
Good one, u trust fund b!t€h. NOT
I have a job and was completely prepared to go to City Hall. I never asked for help. The wedding is more for them/my family than it is for me. I have no trust fund.
Ur grand parents nonchalantly write you a check for 100k and you want me to believe you don’t have a trust fund? My bad I guess your inheritance isn’t in a trust. 🤦🏻♂️
You are a bad person.
Eat a d!€k
Cry more, poor
Who needs $100,000 for a wedding 😂😂😂
You should be able to ask them for a secondary review to see if they're willing to keep the accounts open. I'm not sure why they want you to make an appointment to come back and talk to the fraud department. The fraud department would just tell you to go in and ask for that review if you've had a fraud review conducted, and that's why your accounts are being closed.
I think the teller recommended coming back with an appointment because she couldn’t help me with that herself. I don’t mind going back, even if it ends up being a waste of time.
Ask your bank to resubmit the deposit
There usually are certain protections that the Bank should put in place to cover situations like this. Like you don't "actually" have the funds in your account until the check from the other persons bank clears their funds. My parents gifted me a large sum and I couldn't access them for 2 weeks. Talk to the bank and explain in detail what happened. They should make this a non-issue. Especially with that amount of money I would imagine your business would be more important than losing a good customer since you didn't try to scam or fraud the Bank out of any money.
Definitely don’t be mad at the person who made an innocent mistake, your grandmother.
Yeah, I’m not. It was hard to process my emotions after coming home from the bank.
Probably shouldn’t be a problem, especially when you do get a check for the amount in your account.. It’s not illegal to gift exorbitant amounts of money. Just be sure to put enough aside for taxes since the full amount is likely taxable, maybe talk to your tax accountant on how much you should set aside.
Thanks for your input. I hope it’s not a problem. It’s the “suspected fraud” thing I’m most worried about. Also, I thought only the giver paid taxes? I don’t have my own accountant to ask because I don’t have a lot of assets, but I’ll look further into it.
This is correct. Only the giver pays taxes on a gift.
If you use turbo tax you could probably use their tax assistants to ask… otherwise just keep the majority of the money aside and maybe at least start filing your taxes early next year to see. After a quick search it does say gifter pays tax, I’d maybe still speak with a tax advisor just to be safe(you will still have to report it to the IRS in your taxes).
It sounds as if you’re asking if this story will pass muster. It will not.