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If I receive an inheritance check for 20K can I just cash the check? In Montana

Hamilton, MT |

If I put it in the bank am I limited on how much I can withdraw at a time? I heard you can only withdraw 9000.at a time

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Filed under: Inheritance rights
Attorney answers 1

Posted

Do you have a bank account? If so, you should deposit the check, and then withdraw the money as needed. This is the best way to ensure the money does not go missing. If you have a bank account, after deposit, you should be able to withdraw as much of the money in your account as you choose. Withdrawal limitations may exist, based on your account opening documents, but generally, most reputable banks will permit a full withdrawal, so long as the account in the money is in is not a money market account, but instead a checking or savings account. Your withdrawal amount question is probably because you are confused about the BSA. The BSA requires that, if taken in cash, that the bank file a currency transaction report for all withdrawals of $10,000 or more. If you can explain where you got the money, this is not a problem. Good luck. David

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