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Thread: Difference between cashing and depositing a check?

  1. #1 Difference between cashing and depositing a check? 
    RX Senior
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    What's the difference between these 2 options? Does cashing a check not create a record in your account? If so, why would banks allow this - wouldn't they want a notation of all transactions? What is required to cash a check?
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  2. #2  
    RX Wizard Woody0's Avatar
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    Cashing a check at your bank is essentially a simultaneous deposit/withdrawal of the same amount. Since your balance covers the check the bank is protected against an NSF check and is simply extending a courtesy.
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  3. #3  
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    Why is it not treated like a simultaneous deposit/withdrawal? I've deposited and withdrawn (using the same slip) before, but never cashed a check. Is there a difference?
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  4. #4  
    RX Senior red007's Avatar
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    i'd always rather cash the check at the bank instead of depositing it.
    on your monthly statement, the deposit of course shows up while the cashing of the check does not.
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  5. #5  
    RX Senior auggiedawg's Avatar
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    Quote Originally Posted by red007 View Post
    i'd always rather cash the check at the bank instead of depositing it.
    on your monthly statement, the deposit of course shows up while the cashing of the check does not.
    IRS sux
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  6. #6  
    RX Local SportSavant's Avatar
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    Quote Originally Posted by red007 View Post
    i'd always rather cash the check at the bank instead of depositing it.
    on your monthly statement, the deposit of course shows up while the cashing of the check does not.

    there is no way for me to cash a check without it showing up in the account unless it is done at moneymart or one of those commission shops.

    If I do it at the bank, the check goes in the account then comes right out.
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  7. #7  
    RX SemiGod krk1030's Avatar
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    If you need a check cashed with no record you can go somewhere and pay a fee.

    I remember as a kid being able to cash a check at the bank without having an account and just got money, may have just been because it was a small amount.
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  8. #8  
    Do you like my new avatar? 1cheater's Avatar
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    Deposit "as cash"
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  9. #9  
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    Quote Originally Posted by #1cheater# View Post
    Deposit "as cash"

    What does that do?
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  10. #10  
    RX Local SportSavant's Avatar
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    dont the check cashing places still need ID and such?
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  11. #11  
    Do you like my new avatar? 1cheater's Avatar
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    Quote Originally Posted by parlayin View Post
    What does that do?

    Just means that if you have the funds to cover a check you can deposit your check "as cash" (on the deposit slip) and the funds from the check are made avalible right away.
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  12. #12  
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    Isn't this the same as cashing a check?
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  13. #13  
    RX Senior Brooklynbomber's Avatar
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    I've cashed perhaps 60 checks at bank of america from sportsbooks payment processors (I have an account there)


    the key work is CASHING it - not depositing it - and no it DOES NOT EVER appear on my account statement so no paper trail.

    like I've posted before, probably helps to have a long relationship with your bank, and also plenty of funds in your account to cover the check in case it bounces.

    gl
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  14. #14  
    RX SemiGod
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    What books and under what amounts?
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  15. #15  
    RX Wizard doubledeuce22's Avatar
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    Quote Originally Posted by thejdog View Post
    I've cashed perhaps 60 checks at bank of america from sportsbooks payment processors (I have an account there)


    the key work is CASHING it - not depositing it - and no it DOES NOT EVER appear on my account statement so no paper trail.

    like I've posted before, probably helps to have a long relationship with your bank, and also plenty of funds in your account to cover the check in case it bounces.

    gl

    correct.
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  16. #16  
    RX Senior Brooklynbomber's Avatar
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    if you're asking me seymour, all the big boys. usually 2K to 4K. I have a couple very large branches nearby so I spread it out and tend to get lost in the bustle - often they are checks drawn on banks outside the US too

    I do the same thing a lot with checks from customers made out to my business...sole prop. the key there
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  17. #17  
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    Quote Originally Posted by thejdog View Post
    I've cashed perhaps 60 checks at bank of america from sportsbooks payment processors (I have an account there)


    the key work is CASHING it - not depositing it - and no it DOES NOT EVER appear on my account statement so no paper trail.

    like I've posted before, probably helps to have a long relationship with your bank, and also plenty of funds in your account to cover the check in case it bounces.

    gl
    I used to be able to do that in the past, but not lately, and my wife is the Branch manager at the bank, she says (here in canada) there is no way for you to cash the check without it running through your account.
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  18. #18  
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    Quote Originally Posted by thejdog View Post
    if you're asking me seymour, all the big boys. usually 2K to 4K. I have a couple very large branches nearby so I spread it out and tend to get lost in the bustle - often they are checks drawn on banks outside the US too

    I do the same thing a lot with checks from customers made out to my business...sole prop. the key there

    i take it you get in cash what you will actually spend, as it sucks not to be able to earn interest on cash or invest it if its just sitting under your matress.
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  19. #19  
    RX Senior Brooklynbomber's Avatar
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    Quote Originally Posted by tkf18ny View Post
    i take it you get in cash what you will actually spend,
    yes

    Quote Originally Posted by tkf18ny View Post
    as it sucks not to be able to earn interest on cash or invest it if its just sitting under your matress.
    - have you taken a peek at what the USD has done/will continue to do? what I don't spend goes into the shinny yellow stuff
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  20. #20  
    RX Senior djmatt's Avatar
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    you can always just go to whichever bank issued the check to cash it
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  21. #21  
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    Quote Originally Posted by thejdog View Post
    yes



    - have you taken a peek at what the USD has done/will continue to do? what I don't spend goes into the shinny yellow stuff

    yes I know the dollar is an assrag right now, although I admit i know nothing about buying gold. Are you buying actual gold bars?Is it easy enough to sell at market value when you want to sell it, or is it the type of thing where dealers buy low and sell high?
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  22. #22  
    RX Senior SENDITIN's Avatar
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    I could foresee at some point regulations requiring a "cashed" check to show up as a plus/minus on your statement for traceability purposes! We had a local bank that for a time FORCED you to deposit and withdraw versus just cashing. That was because their stupid system wasn't holding the funds against the account when people cashed checks unless the teller made some manual entry (which of course they would forget to do some times) Guess some people figured that out and burnt them big time.
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