If you find yourself in a situation where you need to withdraw $20,000 from your USAA (United Services Automobile Association) account but there are no USAA banks nearby, you may consider writing yourself a check and cashing it at a nearby bank. While this option may seem viable, there are several factors to consider before proceeding. In this article, we will explore the process of writing yourself a check, the potential challenges you might face, and alternative methods to access your funds.
1. Writing yourself a check:
Writing yourself a check involves creating a check payable to yourself from your USAA account. To do this, you will need to have blank checks or personalized checks with your account information. If you don’t have checks, you can request them from USAA by either calling their customer service or ordering them through their online banking portal.
When writing the check, ensure that you specify your name accurately as the payee. It is important to record the date, write the amount in words and figures, and sign the check at the bottom. Following these steps will help ensure that the check is valid and can be accepted by another bank when you go to cash it.
2. Cashing the check at a nearby bank:
Cashing a check written to yourself at a nearby bank can be a straightforward process, depending on the policies of the bank in question. Although each bank may have slightly different requirements, the following steps are generally applicable:
a. Find a nearby bank: Begin by identifying local banks that are convenient for you to visit. Use online banking or a search engine to locate nearby branches. Ensure that they offer services for cashing checks, as not all banks may offer this facility to non-customers.
b. Verify requirements: Before heading to a nearby bank, contact them or visit their website to verify their policies regarding cashing checks for non-customers. Be prepared to provide identification and any specific documents the bank may require. Banks often require two forms of identification, including a valid driver’s license and a secondary form such as a passport or government-issued ID.
c. Go to the bank: Once you have identified a suitable bank and know their requirements, visit the branch during their operating hours. Approach the teller and inform them of your intention to cash a check from a different bank. Provide them with your identification for verification purposes.
d. Pay applicable fees: It is important to note that the bank may charge a fee for cashing a check from a different institution. These fees can vary, so it is helpful to inquire about them beforehand. This fee should be deducted from the amount you have written on the check, so it is advisable to consider this when determining the amount you wish to receive in cash.
e. Receive the cash: Once the teller verifies your identification and checks the validity of the check, they will provide you with the cash equivalent of the amount specified on the check, minus any applicable fees.
3. Potential challenges and considerations:
While writing yourself a check and cashing it at a nearby bank may seem like a straightforward solution to accessing your funds, there are a few potential challenges and considerations to take into account:
a. Acceptance by other banks: Not all banks may accept checks from another bank when cashing them for non-customers. Some banks only accept checks from their own account holders, so it’s crucial to verify the policies of the bank where you plan to cash your check.
b. Holds on funds: If you are cashing a check from a different institution, the bank may place a hold on the funds before releasing them to you. This hold can vary in duration, depending on the bank’s policies and the amount of the check. It is essential to inquire about any potential holds and factor them into your plans if you need immediate access to the funds.
c. Check verification time: The bank where you decide to cash the check may need to verify the validity of the check before releasing the funds. This process can take some time, ranging from minutes to several days, depending on the bank’s internal processes and the amount of the check. Be sure to consider this potential delay when planning your withdrawal.
d. Fraud prevention measures: Banks have implemented various fraud prevention measures to protect their customers and themselves. As a result, they may scrutinize checks from different institutions more closely. In some cases, this could lead to additional questions or delays in the cashing process. Be prepared to provide any necessary documentation to support the legitimacy of the check, if required.
e. Fees and charges: As mentioned earlier, cashing a check at a bank that is not your own may come with fees or charges. These fees can vary from bank to bank and may eat into the amount of cash you receive. Ensure that you inquire about the fees beforehand to avoid any surprises.
4. Alternative methods to access your funds:
Considering the potential challenges involved in cashing a check from a different institution, it may be worth exploring alternative methods to access your funds. Here are a few options you can consider:
a. Transfer funds electronically: If you have bank accounts at both USAA and another bank, you can transfer the desired amount electronically between the two accounts. This can be done via online banking or by contacting USAA’s customer service. While this option may take some time for the funds to be available in your other account, it eliminates the need for physical checks and reduces the potential challenges mentioned earlier.
b. Use an ATM: If the reason you need cash is for immediate use, and you have a debit card associated with your USAA account, you can withdraw funds from an ATM. Although this option may have daily withdrawal limits, it allows for quick access to cash without the need to write yourself a check.
c. Utilize money transfer services: In case you need to withdraw the funds in cash, you can consider using money transfer services like Western Union or MoneyGram. These services allow you to transfer funds to yourself and collect them in cash at a nearby agent location. Keep in mind that these services often charge fees for their services, so be sure to verify the details, including fees and availability, before proceeding.
d. Credit card cash advance: Another option to consider, although typically not recommended due to high fees and interest rates, is a credit card cash advance. If you have a credit card with an available cash advance limit, you can withdraw cash from an ATM or request a cash advance at a participating bank. However, it is important to note that cash advances often come with extra fees and higher interest rates than regular credit card transactions, so it is advisable to explore this option only if no other alternatives are available.
5. Planning for future needs:
In situations where access to your funds might be limited, it is advisable to plan ahead to ensure you have easy and convenient ways to access your money when needed. Here are a few tips to consider:
a. Locate nearby USAA partner ATMs: To leverage your USAA membership, it is helpful to identify and familiarize yourself with nearby USAA partner ATMs. These ATMs provide fee-free withdrawals for USAA members and can help you avoid additional charges while accessing your funds.
b. Consider local banks with no or low cash withdrawal fees: Research local banks or credit unions in your area that offer no or low fees for cash withdrawals by non-customers. Having this information on hand can be useful in emergencies or situations where you need to access your funds quickly.
c. Maintain accounts at multiple banks: Having accounts at more than one financial institution can provide you with options when it comes to accessing your funds. Consider maintaining accounts with both USAA and a local bank or credit union to allow for flexibility in case of emergencies or limited accessibility.
d. Opt for electronic transfers or mobile check deposits: Taking advantage of technology can offer convenience and quick access to your funds. Consider exploring electronic transfers between your different accounts or utilizing mobile check deposit features offered by your bank. These options can simplify the process of moving funds between accounts without the need for physical checks.
In conclusion, if you find yourself needing to withdraw $20,000 from your USAA account but are unable to do so at a nearby USAA bank, writing yourself a check and cashing it at a nearby bank can be a potential solution. However, it is important to carefully consider potential challenges, such as acceptance by other banks, holds on funds, check verification time, fraud prevention measures, and fees. Alternatively, exploring options like electronic transfers, using ATMs, utilizing money transfer services, or even considering a credit card cash advance may provide more convenient and efficient ways to access your funds. Ultimately, it is beneficial to plan for future needs by locating nearby USAA partner ATMs, considering local banks with low fees, maintaining accounts at multiple institutions, and leveraging electronic transfer options.
A local bank isn’t going to cash the check for you if you don’t have an account there.
Even if you did, it is extremely unlikely they’re going to cash it and give you all $20k without putting it on hold for a week or more to make sure the check is good.
>Could I just write myself a check and run it to one of these local banks to get my money in one go?
The bank can choose to not cash checks for non-account holders, or have a limit which I imagine $20k would exceed (especially if their debit cash advance limit is $2k).
Honestly your best option is to open an account at a local B&M, ACH the money, and then withdraw.
No bank is going to cash a $20k personal check especially not one on an account for another bank.
Do you actually need $20k in cash? If not USAA has bank wires and cashier’s checks.
If it must be cash then your only option is multiple debit card cash advances, multiple ATM withdraws, or open an account at a bank with local access and transfer funds to withdraw.
USAA and other online only banks are great for most things but large amounts of cash is not one of their strong suits.
Open an account at your local bank and have them help you set up the transfer. They will be very happy to do this. You might even find an offer which gives you free money.
No matter how you do it, it’s not going to be easy or instant to convert your $20k bank balance to $20k cash.
At those numbers, the transaction raises flags: why are you doing this? Is there illegal activity involved? Are you being scammed? Are you dealing in drugs?
These flags need to be cleared. They are there for your protection. If you walk out of the bank with $20k in your suitcase and get mugged, there is no protection for you.
If you are wanting this cash to make a big purchase, for example, to buy a car from a private seller, you and the seller should walk into the local bank and ask them to escrow the deal. They will be happy to assist and you will get some added protection. Sure, it will cost a little more, but that’s just the facts of life. If the seller doesn’t want to do this, then that’s not the deal for you.
If you want to buy something big like a house or home remodel, see if you can pay via debit card. Then call your bank and have them temporarily raise the limit. I’ve raised the limit up to $15k in the past.
I just bought a car with cash. You need to increase your debt card cash advance on your USAA app first. (My max was 15k per day)
Then I went to Bank of America (I am not a member and they didn’t charge any fees) and requested a 15k cash advance from my debt card. They asked what it was for and they had to fill out a quick form since I requested over 10k. Next day I went in and requested the final 5k without any issues.
When you bank somewhere without a local branch, you should open a free basic checking account at a bank with locations near you. Keep a small balance and move small amounts in and out every couple of months to keep it from going inactive. You can link you USAA to this new bank and ACH funds in when you need to do a large transaction.
Any casinos near you? You can raise your ATM limit temporarily online or through the USAA app to $5000. ATMs at casinos typically have high limits and dispense $100s. Might take you 6-7 trips though.
Another option is to have USAA send you a cashier’s check. Takes a few days, but all banks will cash a cashier’s check. Or you can have the cashier’s check made out to whoever you want.
Sounds like a simple 4-step problem:
1) go to a local bank, open a new account
2) deposit $20k into the account via check
3) once the check clears, withdraw the funds
4) close the account
I’ll add that to recommend you call ahead to make sure the bank has that much cash at the ready. They may send you to a specific branch office. I needed $6000 for a car. I called the day before, and my closest office sent me up the street to the next office. They told the next office I would be coming so they would be ready.
What’s your timeline? USAA could mail you a check. Or you could open an account at a local bank and transfer 20k in as an opening deposit.
I literally just sold my car to someone with USAA and he ran into this same predicament when it came to getting cash/certified check.
You can pull 4995 out a an account daily before it has to be alerted to the IRS, a cashiers check would also better protect yourself. I wouldnt hand over 20k cash for a private sale unless the transaction was done at the police station.
Why are you using cash? A cashiers check or wire transfer would be so much more reasonable. You’ll be hard pressed to find a bank you’re not a customer of who will give you that much on a cash advance. Even if you do open an account, there will be new account holds and waiting periods.
Give the person their bank account back and you can lick my feet
A trick I do to pull cash, is annoying but effective. I up my atm limit and withdraw the max. 5k a day for me.
I bank with USAA, I have done this with an ACH transfer or having them fedex a cashiers check.
Why not just open a local bank account? Former USAA customer here but still primarily use an online bank. I ran into this when buying a car and just opened an account with a local bank and then wire transfered the money. Took like 30 minutes to open the account. Also gives you a place to deposit cash besides an ATM that you can then transfer to USAA.
Easiest thing would be to just log in to your usaa account and do a transfer to another bank account from there. (Obviously the first thing to do is to set up that other account…I did this with US Bank recently since they had a $500 bonus when you opened a new account and deposited $5k)
If you are doing this to buy a car, the dealership will take a check, or an ACH payment from your bank. I would not buy a car from an individual with cash because if it’s a stolen car you are hosed.
Only if you have an account at that bank and deposit the check into the account and wait the hold limit on the check. Then since its over 10K in cash withdrawal the IRS will be notified. Plus a lot banks require notice and a appointment if more than 7k is taken in cash.
Call the bank you’re wanting to go to and ask if they can accommodate the request. My sister is a bank manager and each bank has a different amount of cash they keep on hand
When we needed a large check from usaa to buy our house (closing fees) we called usaa and they sent a cashiers check via next day air.
You’re going to hit every bank red flag doing this. Even if usaa agrees to this I don’t see a bank locally that you don’t bank with agreeing to cash it for you