Dumb question for someone in banking

[Tina]

I'm just looking for clarification on the term "cash deposits" in banking. I'm looking to open a business checking account for DH and the small business account limits "cash deposits" to $5k per month without a fee. Do they mean just cash, meaning bills and coins? Or does this refer to all deposits, including checks? We'll be depositing 2 checks per month, but they will be over $10k each. We will not be handling any bills/coins with this account? Am I reading too much into the description?

 

[Tina]

Anyone?

 

[ericamanda01]

It depends on the bank. However most banks will tell you it mean actual cash deposits. I would recommend calling the bank directly. Hope this helps.

 

[PolyHereWeCome]

Cash deposits = cash (paper and coin), not checks, not direct (electronic) deposits

But like the previous poster wrote, best to confirm directly with the bank.

 

[bigolive9]

The bank I work chages per $1000 in cash/coin. If you are depositing checks, you should be okay. Double check with the individual bank, because I know we also charge different amounts if you use a teller, or if you use the night drop box. We alse have a business that deposits through the ATM, so that could be another way to avoid a fee with the checks. If you only are planning to deposit 1 or 2 checks at a time, they would definitely fit in the ATM depository. Talk to a few different banks, and see which one works best for you.

 

[Tina]

Thanks everyone. I will double-check this info when I talk to the bank, but it sounds like we will be just fine -- and we will be making ATM deposits.

 

[ericamanda01]

Remember that the ATM can hold the funds you deposit for up to 11 business days. I have worked in banking for 3 years and I always recommend going into the branch when ever you can. The hold isn't there to punish customers, it because of all those that deposit empty envlopes and then withdrawl the money before the ATM is checked.

 

[arminnie]

Remember that the ATM can hold the funds you deposit for up to 11 business days. I have worked in banking for 3 years and I always recommend going into the branch when ever you can. The hold isn't there to punish customers, it because of all those that deposit empty envlopes and then withdrawl the money before the ATM is checked.

A few years ago in California at Bank of America you got funds QUICKER if they went through the ATM. They were really trying to encourage ATM use. Not that a $10,000 check deposit is going to be available for immediate withdrawal no matter how you deposit it.

 

[Lisa loves Pooh]

I find it odd to penalize a business for cash deposits via charging them extra to process it. You would think a bank would encourage the deposits--more money to loan out .

 

[vettechick99]

Counting all that money takes a lot of time, hence the reason for the fee. But you are ok since you are depositing checks, not money.