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Old 04-01-2017, 06:59 AM   #41
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Yes.

Alan, the OP, did this himself earlier without any question from the authority. But Alan was moving money between his own accounts. This time, money was moved from his son's account in the US to Alan's account in the UK. So perhaps that's the difference.
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That would be my guess as well. These systems are purposely not disclosed to outsiders to make it harder to game the system, so no way to know for sure.
Precisely. It was me giving money to a 3rd party (even though he had the same last name as myself and it was a very traceable check for a car sale to a dealer) who then sent the exact same amount back to me in 3 payments to my account in a foreign country.

It was common for me last year to deposit a sum from my brokerage account, say $30k, to my own bank via ACH, then send that exact same sum via 4 payments of $7.5k to my UK bank via Transferwise to save on wire fees and get a much better exchange rate. (I've done enough ACH transfers with Transferwise for them to increase the limit to $7.5k)
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Old 04-01-2017, 08:40 AM   #42
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Good grief! Was this a small-town bank, where the tellers routinely "josh" with the customers? Because a complaint to the bank manager would have been in order. This an extremely tasteless question from anybody, let alone a bank teller

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One time I deposited a large check at the bank and the teller asked me "What are you planning on doing with all of this money?" I had absolutely no idea what to say to her. Shocking. It was over $100K, and I never got questioned.
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Old 04-01-2017, 02:54 PM   #43
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Exactly. I didn't want to endorse the check and mail it to my bank since endorsing it essentially changes it to cash.
I've been doing what is called "restrictive endorsements" for decades, learned about it in a finance class in high school. Write "for deposit only" in the section for the endorsement and then the signature. It can be made even more restrictive by specifying a bank and specific account number.

That way no one can cash it if you lose it.
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Old 04-01-2017, 03:02 PM   #44
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I've been doing what is called "restrictive endorsements" for decades, learned about it in a finance class in high school. Write "for deposit only" in the section for the endorsement and then the signature. It can be made even more restrictive by specifying a bank and specific account number.

That way no one can cash it if you lose it.
When I do endorsements for Fidelity's mobile deposit they have you write language like "For deposit only in my Fidelity account" above your signature.
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Old 04-01-2017, 03:05 PM   #45
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I think that's what was taught to me at my ROP banking class years ago, maybe close to 40 years. So that's what I always write in the back of my mobile checks and my account number.
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Old 04-01-2017, 03:23 PM   #46
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I've been doing what is called "restrictive endorsements" for decades, learned about it in a finance class in high school. Write "for deposit only" in the section for the endorsement and then the signature. It can be made even more restrictive by specifying a bank and specific account number.

That way no one can cash it if you lose it.
That is what I have been doing for many years but I never trust it. In the UK all bank issued checks are crossed with the words Account Payee printed on them and can't be exchanged for cash unless they are made out to "Cash".

In the instances when I am traveling for many months at a time I get my son to email me a photo of each check front and back and I apply my signature and words for mobile deposit. Except that one time in 2011 when the check was too large, I was a continent away and not due back until well after the 90 days the check would expire.
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Old 04-01-2017, 03:25 PM   #47
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These $10,000 to $100,000 transactions seem like chump change. I wonder of Paul Manafort's cash purchases of real estate in New York City will get as much scrutiny and what bank didn't flag them.
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Old 04-01-2017, 03:38 PM   #48
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Originally Posted by Walt34 View Post
I've been doing what is called "restrictive endorsements" for decades, learned about it in a finance class in high school. Write "for deposit only" in the section for the endorsement and then the signature. It can be made even more restrictive by specifying a bank and specific account number.

That way no one can cash it if you lose it.
Agree - have been doing this for as long as I can remember
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Old 04-01-2017, 03:43 PM   #49
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I think that's what was taught to me at my ROP banking class years ago, maybe close to 40 years. So that's what I always write in the back of my mobile checks and my account number.
Unless you use a special pen then checks that fall into the wrong hands such as being picked out of the mail can be "washed" where the ink is removed from the check leaving only the signature.

https://en.m.wikipedia.org/wiki/Check_washing
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Old 04-01-2017, 03:45 PM   #50
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Originally Posted by Walt34 View Post
I've been doing what is called "restrictive endorsements" for decades, learned about it in a finance class in high school. Write "for deposit only" in the section for the endorsement and then the signature. It can be made even more restrictive by specifying a bank and specific account number.

That way no one can cash it if you lose it.
I don't think I've every endorsed a check without doing that. Signature, back, account#.
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Old 04-01-2017, 03:48 PM   #51
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Unless you use a special pen then checks that fall into the wrong hands such as being picked out of the mail can be "washed" where the ink is removed from the check leaving only the signature.

https://en.m.wikipedia.org/wiki/Check_washing
I never put any check in the mail box, always drop them at the blue post office box. So that reduces the problem. I started doing this after I was told by a friend who saw her outgoing mail being stolen by thiefs.
For mobile checks, I keep the checks here at home, after depositing.
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Old 04-01-2017, 04:21 PM   #52
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There is a limit of $100k ACH transfer per day. I've done this on multi banks, for overseas it's GBP 100k per day.
This is a bank imposed limit, not a limit on ACH. I just recently did a single ACH over 100k.
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Old 04-01-2017, 04:35 PM   #53
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I never put any check in the mail box, always drop them at the blue post office box. So that reduces the problem. I started doing this after I was told by a friend who saw her outgoing mail being stolen by thiefs.
For mobile checks, I keep the checks here at home, after depositing.
Note that if you have just a mailbox on the outside of your house or a curbside mailbox it is likley as there is no lock. The mail slot on a cluster box is a locked door with a letter sized slot so it would be harder to steal the mail. (another advantage of the cluster mail box beyond the locked individual box)
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