Unexpected income

[ohgillian]

Jan 7, 2021 13:46:14 GMT -5 mich1 said:

Jan 7, 2021 8:52:27 GMT -5 ohgillian said:

My primary bank is USAA and the mobile app has a $100k deposit limit. I have to call to get that waived if I want to deposit more. (<---- hypothetical statement, lol, this has never happened to me).

Thanks, I bank with USAA too and haven't deposited anything more than 4 figures.  It's nice to know the process to deposit more if necessary.

To be fair, I don't expect to ever deposit more than 4 figures. But I've seen that in the app, when you mobile deposit -- it has that notice that the limit is $100k. I assume they can waive it b/c they can waive other things if you call them, like I've had them waive/raise my ATM limit for the day a few times. 

[keweenawlove]

I have no useful advice but I just wanted to say Congratulations! That's amazing!

[mich1]

Jan 7, 2021 14:30:21 GMT -5 ohgillian said:

Jan 7, 2021 13:46:14 GMT -5 mich1 said:

Thanks, I bank with USAA too and haven't deposited anything more than 4 figures.  It's nice to know the process to deposit more if necessary.

To be fair, I don't expect to ever deposit more than 4 figures. But I've seen that in the app, when you mobile deposit -- it has that notice that the limit is $100k. I assume they can waive it b/c they can waive other things if you call them, like I've had them waive/raise my ATM limit for the day a few times. 

I don't anticipate the need either, but it's nice to know it is there.  I do like that I can adjust how much I can get from the ATM.  I was in Argentina in Jan. and had trouble getting money out.  Luckily, they were quite helpful in me being able to get cash because not everyone accepts cards. 

[Pilsy]

noodleoo, I'm delighted for you! Happy to PM about our advisor if you need any additional info. Like some PPs, I use Vanguard and am happy with them.

Congrats!!

[ellipses84]

Congrats! I recently had to deposit a couple 5 figure hand written checks from a business (nowhere near that much!) and I had to go to the bank, the teller had to call over a manager and they asked me some questions about where the money came from and what it was for. Funds weren’t available until it cleared. This may be less of an issue with a printed check. Put it in the account in your name and tell your husband that’s just until you figure out what to do with it. I recommend you talk to an accountant. I’m new to this too and I have no idea what mine will say, but I have a similar question to ask about one of the checks that I deposited after the first of the year and if I can choose to claim it for 2020 or 2021 (date received vs. date cashed/deposited). You should also have time / grace period to talk to a financial planner, make adjustments to IRAs etc. before you file your 2020 taxes.

I’ve always been told to talk to a fee based financial planner at least initially or for big money decisions. Once you figure out where you want to put the money, you could have someone with vanguard or wherever help your manage it.

[aprilsails]

I just want to say congrats noodleoo! Back in the day when DH got his first high tech startup job he was given stocks and he was so certain that they would pay out big once the company went public. I remember him making plans with all the money.

Three completely failed start up companies later he decided to go get a job with an established firm that pays with real money. Obviously it can work out though!

[noodleoo]

Thanks everyone! Tiny update: I made an appt at my bank to deposit the check. I'm glad I did because it was crazy busy. When I talked to the banker, he said, you know you don't need an appt for this right? I told him I just wanted to make sure it was deposited ok since it was unusual for me. He tried to deposit it using an iPad (?) but it was over the limit he could do. So he took it to a teller, but they needed a manager and she was out of the office. He tried something else, but again had the manager issue. So he told me to deposit in the ATM and then walked me over to do it (so embarrassing as the line of people waiting to get into the bank were in the ATM area). It was so ridiculous, but step 1 done! Once the funds clear, I will call Vanguard to transfer it over.

You guys brought up an interesting point that I know nothing about: the basis and value of the actual stock. I have no idea, I have no paperwork on it. The president told me verbally they was giving it to me after a few years at the company (it was a vague promise, we will figure it out later when I was hired). When I left, I asked for proof they gave me a photocopy of the certs (the real ones have to stay with them, he said). I'll have to ask more about this later.

[sdlaura]

Congrats! Good advice has already been given so I won't add to that, but...is anyone else surprised by how many people in this thread have deposited $100k checks before? 

[Roc A Bee]

Awesome! I’m glad you got it deposited! I deposited $85k from selling a home and needed manager approval. Then it sat as pending for what felt like an eternity (I think 10 business days).

[noodleoo]

Jan 13, 2021 16:07:43 GMT -5 sdlaura said:

Congrats! Good advice has already been given so I won't add to that, but...is anyone else surprised by how many people in this thread have deposited $100k checks before? 

LOL, not on this board! 

[Deleted]

Congrats! I've only ever deposited a much smaller 5 figure check. I was unable to deposit it on the mobile app due to the amount, and didn't feel comfortable doing it in the ATM. So I went to a branch (did call first to make sure the lobby was open, it isn't at all branches of my CU) and did the deposit with the teller. Even with that amount of check, it didn't clear for a while, I think like 10 days maybe? Other than that, I'm no help with investing.

[dr.girlfriend]

This thread made me think...I deposited a five-figure check (like under $20k) and the teller was like, "Oh, what's this for?" I thought she was just being nosy and was like, "Um, none of your business?" I think I said it nicer than that but it cracks me up that I didn't even think that maybe she was obligated to ask for security reasons or whatever.

[lemoncupcake]

Jan 16, 2021 11:55:34 GMT -5 dr.girlfriend said:

This thread made me think...I deposited a five-figure check (like under $20k) and the teller was like, "Oh, what's this for?" I thought she was just being nosy and was like, "Um, none of your business?" I think I said it nicer than that but it cracks me up that I didn't even think that maybe she was obligated to ask for security reasons or whatever.

Yea - anything over 10K I believe requires some paperwork for taxes (and maybe money laundering/security too)

[sadlebred]

Jan 16, 2021 13:55:50 GMT -5 lemoncupcake said:

Jan 16, 2021 11:55:34 GMT -5 dr.girlfriend said:

This thread made me think...I deposited a five-figure check (like under $20k) and the teller was like, "Oh, what's this for?" I thought she was just being nosy and was like, "Um, none of your business?" I think I said it nicer than that but it cracks me up that I didn't even think that maybe she was obligated to ask for security reasons or whatever.

Yea - anything over 10K I believe requires some paperwork for taxes (and maybe money laundering/security too)

It's only for $10,000+ in cash (ie actual money like paper bills or coins). It doesn't apply to checks. The law is to prevent fraud and money laundering.

www.mybanktracker.com/checking/faq/rules-deposit-10000-cash-check-271595

[madringal]

Jan 16, 2021 11:55:34 GMT -5 dr.girlfriend said:

This thread made me think...I deposited a five-figure check (like under $20k) and the teller was like, "Oh, what's this for?" I thought she was just being nosy and was like, "Um, none of your business?" I think I said it nicer than that but it cracks me up that I didn't even think that maybe she was obligated to ask for security reasons or whatever.

I have my tellers ask bc based on the type of check it might require a different type of hold. Often my tellers don’t know what they are looking at. 401k disbursement, insurance proceeds, cashiers check from
The customers own account somewhere else, large work bonus check? Based on the answer, I may change my opinion on how long (or even if) we place a hold on it. So when they call me for overrides, I need to know what they have in front of them.

[sent]

Wow, that's amazing! Do you have any updates?

Can you do a backdoor Roth? I'm not sure of the logistics, but I did one for each of us last year. I had to open an IRA, let the money sit for some time (60 or 90 days I forget), and then move it over to the Roth account. My CPA suggested it.

[lust2hart]

mich1, she asked to PDQ the details of her OP.

noodleoo, what an incredible surprise! I hope you find an advisor who you mesh well with who can answer your questions and help you with the IRA stuff.

[trissie18]

Jan 17, 2021 17:40:52 GMT -5 madringal said:

Jan 16, 2021 11:55:34 GMT -5 dr.girlfriend said:

This thread made me think...I deposited a five-figure check (like under $20k) and the teller was like, "Oh, what's this for?" I thought she was just being nosy and was like, "Um, none of your business?" I think I said it nicer than that but it cracks me up that I didn't even think that maybe she was obligated to ask for security reasons or whatever.

I have my tellers ask bc based on the type of check it might require a different type of hold. Often my tellers don’t know what they are looking at. 401k disbursement, insurance proceeds, cashiers check from
The customers own account somewhere else, large work bonus check? Based on the answer, I may change my opinion on how long (or even if) we place a hold on it. So when they call me for overrides, I need to know what they have in front of them.

When I deposited DH's mid-five figure WC settlement check the bank asked me if I was expecting that size of a check and if I knew what it was for. She said she wanted to be sure it wasn't a scam check.

When I deposited a six figure cashiers check from our construction loan, the bank teller didn't even blink an eye. lol

[isabel]

Congrats! That's amazing!

FWIW, we started with Vanguard managed services at the end of 2020. I'm pretty happy with it so far. We're about to get well acquainted with our advisor because we are receiving a decently sized inheritance next month (similar to your windfall) and will need them to handle investing the majority of it.

I'm pretty sure DH just got online and started the process, then we had an introduction call and a follow up. We agreed to start the service and have had a couple meetings since then to make sure everything is on track. I expect we'll probably meet with him twice a year or so. DH tracks everything pretty closely, but if it were just me, those calls would be more like monthly or quarterly. I like to understand what's going on and be reassured that we're good.

Regarding the Roth thing, we're dealing with the same issue for 2020 (see the post I just made). Based on responses in this thread, it sounds like it's pretty straight forward, especially since our accounts are already with Vanguard.

I really like that company. They've never been anything but helpful and have weighed in on tax stuff for me before when I'm sure they didn't really have to.