Large check, avoiding levy

[Happybluesky]

Anticipate large check from business transaction. Ironically, a good part of this will be used to settle debts, but I do not want to risk even a very small chance of losing money if my bank account happened to be levied.

Is it even feasible to cash a $50 - 100 k check? (Possible I can arrange to have check drawn on my own bank.)

If this check will not be drawn on my bank, however, and if it has to be deposited and the check cleared before funds become available, then the levy problem arises.

Perhaps I could ask to be paid with a cashier's check, but could I actually cash such a large check?

I'll take my chances any day with a physical robbery between the bank and my home safe, but how do you avoid something completely unseen?

Any thoughts and practical advice would be appreciated.

[Flyingifr]

Why not open a different account at a different bank that the creditors don't know anything about before recieving that check then clearing that check through the new account?

[brighteyes1977]

Why didn't I think of that?!?!

[Guest usctrojanalum]

Why not open a different account at a different bank that the creditors don't know anything about before recieving that check then clearing that check through the new account?

might not be a possibility with a judgment against him, i got turned down for a new bank twice when i had a judgment against me 2 years ago.

[jq26]

You should put on a ski mask and walk into your nearest bank with the check in hand and whisper to the teller that you want all unmarked bills.

Seriously, I'd go for the cashier's check. Then give the bank 24 hours notice that you will be coming for the cash. They may not have enough cash on hand. depending on the size of the branch, it may be unusual for them to have cash transactions like this today.

[brighteyes1977]

This is what I'm thinking of doing, since I need to hide a bonus, or at least act like we don't know what to do with our money and spend it on crap......I have accounts already open for both my kids (they are really young, not even school age), and I'm going to stash it there. That way I won't be tempted to spend it if it is sitting in my safe......If I get sued, they can't go after that money because technically it's not mine, correct?

[donqII]

Anticipate large check from business transaction. Ironically, a good part of this will be used to settle debts, but I do not want to risk even a very small chance of losing money if my bank account happened to be levied.

Is it even feasible to cash a $50 - 100 k check? (Possible I can arrange to have check drawn on my own bank.)

If this check will not be drawn on my bank, however, and if it has to be deposited and the check cleared before funds become available, then the levy problem arises.

Perhaps I could ask to be paid with a cashier's check, but could I actually cash such a large check?

I'll take my chances any day with a physical robbery between the bank and my home safe, but how do you avoid something completely unseen?

Any thoughts and practical advice would be appreciated.

Try opeing a new account at a small local bank... You know... the home town kind.

If they say no, then try for an online bank... You do not need to keep it open, but may serve your purposes for this. Online, out of state and have your people do a direct deposit.

The problem with this is the gov't make all large transactions of $5,000 or more reportable....

The other thing might work might be a home town small bank savings account.

You deposit the check into that... Wait for the clearance time, and then with draw it.... Chunks at a time over how ever long it takes.

And yes, I would ask for a cashiers check if you can get it. Or possibly money orders, however... they only go up to $1000 each I believe.

[WhoCares1000]

Ummm, is the judgment over $50k - 100k? If not then legally, they can only take what would be required to pay for the judgment and nothing more (most people do not keep that much money in a bank account and hence the entire account is levied).

If the amount of the judgment is less than the check, then let them have what they want. They will be hard to negotiate with anyways because they know they can wait and take. If they do take the full judgment amount, be on the phone with the lawyer immediately demanding a Satisfaction of Judgment notice be filed with the court and mailed to you.

If you still insist on trying to hid funds, you could always go to a local small town bank on the other side of the state border if you are near a state border. Otherwise see if you can open an online account or an account at a small town bank. Chances are though, if the creditor is that good at levying, they might have already blanketed all the local banks.

[rippedoff]

Well you could ask for multiple checks in lower amounts.

If you take it to a bank you already do business with, they most likely know about the account and will pounce instantly.

You could try to open an account outside your state and cash it there, try to break it up quickly.

My experience has been that a wire transfer is immediately available for withdrawal. Ask around.

[indigoesagain]

Couldn't you have the funds wired directly into the kids accounts?

Asking for smaller checks would be a good option too.

Another option I was told was to load it onto a pre-paid credit card. Not sure what the limits would be so I would think that would be an idea for a smaller amount of $.

[indigoesagain]

Also FYI many Credit Unions don't even check your credit report when opening an account.

After being turned down by a large online bank (for a savings acct) I went and opened an account at a credit union with no problems.

[FL4answer58]

What type of judgment - get it overtruned - appeals.

....... that should tie them up ........ doesn't that freeze the judgment temp?

Details.... alot of 'heads' here .... no pun intended.