Best way to access cash?

[Cappy]

Does anyone know:

1) What happens with a cashier's check when it is not used? Can you get a refund at the branch where you got the check?
2) What is the limit on an in-branch withdrawal at Chase?

I'm going to an auction where payment accepted is cash or cashier's check (immediate payment required). I'm trying to strategize how to get money but also plan in case I don't bid or have the highest bid (the most likely scenario). Money is currently in an online high interest savings so I have to plan early to move money to Chase then troubleshoot how to get the $ to the auction. 

ETA: Amount is 7-10k

[wanderingback]

I would recommend you call your bank to ask.
You can take all your money out of your account in cash, there’s no limit, it’s your money. The bank does have to report it to the IRS if it’s over a certain amount and I assume if you’re taking out TONS of money you should call ahead to ask to make sure they have that amount on hand. But if you’re going to take out 10k in cash I assume they have that amount on hand, but wouldn’t hurt to call.

[madringal]

Former Chase branch manager:

1) They will just have you endorse it "not used for purpose intended" and you can redeposit it
2) It will vary from branch to branch, depending on how much you want and how much they have. They can also call around for you to see if another local branch has the amount you want. Please don't let that 10k number stress you out. People act like it's a big deal that it is reported to the IRS. It is truly not a big deal.

ETA:7-10k is not really call ahead "worthy". Any teller will have access to that much.  It might not all be in 100s, but they will have it.

[Cappy]

Sept 20, 2021 8:19:26 GMT -5 madringal said:

Former Chase branch manager:

1) They will just have you endorse it "not used for purpose intended" and you can redeposit it
2) It will vary from branch to branch, depending on how much you want and how much they have. They can also call around for you to see if another local branch has the amount you want. Please don't let that 10k number stress you out. People act like it's a big deal that it is reported to the IRS. It is truly not a big deal.

ETA:7-10k is not really call ahead "worthy". Any teller will have access to that much.  It might not all be in 100s, but they will have it.

Thank you!! 

This board continues to be a wealth of knowledge!

[ellipses84]

How does the cashiers check work if you make it for less than 10k and you bid/win something for less? Will they refund you the difference in cash? That would be my question for the auction house.

[Cappy]

Sept 20, 2021 10:30:29 GMT -5 ellipses84 said:

How does the cashiers check work if you make it for less than 10k and you bid/win something for less? Will they refund you the difference in cash? That would be my question for the auction house.

My understanding (and I still need to fully confirm) is that they process a refund and you have to wait a few weeks for it to be sent to you, which is why I prefer to roll up with a wad of cash on my person to avoid all that.

[puppylove64]

Maybe you could do a cashiers check for $5k and have the rest in cash? I hate carrying cash. It makes me nervous.

I had a cashiers check that we didn’t end up using. It wasn’t a big deal to redeposit, except it was an online only bank and I had to mail it back. So my funds were frozen for a bit until they actually received the cashiers check back.

[ellipses84]

Sept 20, 2021 10:46:02 GMT -5 Cappy said:

Sept 20, 2021 10:30:29 GMT -5 ellipses84 said:

How does the cashiers check work if you make it for less than 10k and you bid/win something for less? Will they refund you the difference in cash? That would be my question for the auction house.

My understanding (and I still need to fully confirm) is that they process a refund and you have to wait a few weeks for it to be sent to you, which is why I prefer to roll up with a wad of cash on my person to avoid all that.

Ahh, in that case I’d do the minimum you think you’d need, like $7k in a cashiers check and the rest in cash. I hope they have good security there! That seems like a PITA process where a lot of people will use cash.