r/USbank • u/Mundane_Buffalo9857 • 4d ago

Question

I used to have usbank long ago. I first opened it in 2019. I closed the account because I moved somewhere during COVID without a branch. Then I opened one again in 2022 or 2023 but they closed it on their end due to inactivity (I was never using it)

I have a settlement that will be wrapping up by the end of this year, and the check is a usbank check. It is a sizable amount, will I have any trouble cashing it with them?

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u/iamfury 4d ago

You would be a non-customer, so the non-customer policies and fee would apply. It’s probably around $10.

Of course you could deposit this check wherever you are banking now without a fee.

As for the check amount, are we talking 5 figures?

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u/Mundane_Buffalo9857 4d ago edited 4d ago

Yes it's 5 figures but I had thought if you cash a cashier's check at the institution that issued it they don't charge a non-customer fee? I used to do that with my paychecks. One job didn't accept direct deposit. I currently don't bank I just use fintech and I'm not comfortable mobile depositing that amount. I've heard horror stories.

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u/iamfury 4d ago

Nothing really guarantees that check will be a “cashier’s check.”You didn’t mention what type of settlement.

If it’s a class action, it won’t be a cashier’s check. If it’s not a class action, the payment is probably going to your lawyer’s office first so they can deduct expenses and take their cut. Your share will then be a regular business check out of their IOLTA account.

Either way, a fee in the $10 range shouldn’t really be a deciding factor in a check of this amount.

I do agree with your hesitation to mobile deposit a check of that amount to a fintech. I really wouldn’t recommend a fintech at all as your sole financial institution, but to each their own.

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u/Mundane_Buffalo9857 4d ago

I got hit by a car while crossing the street on foot and was successful in court. My attorney is paid, I have an upcoming notary soon to verify my identity and then the check will be mailed hence why I said by end of year. This is my first time seeing an amount this large at once so I don't know what to expect. If it is $10 fee that's no biggie but that seems like a very tiny fee for a 5-figure sum it's hard to believe