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Advice on large cash payment

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December 06, 2020, 04:01 PM
McGregor
Advice on large cash payment
My father died in January. We are settling part of the estate and I need to send my nephew in North Carolina 24K, I live in Michigan.
The thought of sending any kind of check that large through the USPS, Fed Ex or UPS kind of scares me.
What other options do I have?
December 06, 2020, 04:03 PM
Nismo
Direct transfer bank to bank.
December 06, 2020, 04:03 PM
CPD SIG
Wire transfer from your bank account to his.


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December 06, 2020, 04:03 PM
RogueJSK
Bank wire transfer.
December 06, 2020, 04:11 PM
Beancooker
As stated, wire transfer.



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December 06, 2020, 04:18 PM
cheesegrits
The check should be drawn on an estate or trust account. We (my law office) routinely send small to moderate sized checks to beneficiaries and the IRS via USPS and UPS.

Sometimes we wire the funds. The last money transfer we did we had the banks on each end arrange for an ACH transfer. That was super simple.
December 06, 2020, 04:45 PM
ZSMICHAEL
ACH transfer.
December 06, 2020, 04:48 PM
MikeGLI
I was gonna say $1s and $5s but a wire makes more sense.




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December 06, 2020, 06:00 PM
220-9er
What's the concern about sending a check? In the unlikely event that it was lost or stolen you can deal with that easily.
Should take a few days then confirm receipt with tracking or a phone call. Then he deposits the check. No big deal. There will be a record to the payment and deposit. The other option is a wire transfer directly to his account. Costs about $35 at most banks.
Based on the title of the post I thought you were considering a large amount of greenbacks. That I wouldn't do.


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December 06, 2020, 06:07 PM
cparktd
Electronic transfer.

When I settled my Dad's estate and I was ready to disperse the funds the bank holding the funds did all the work. I only needed the account and routing numbers for my out of town brothers. Fast, secure and easy. They already had his death cert and my executorship papers on file and charged nothing for the service.



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December 06, 2020, 06:24 PM
Woodman
USPS Priority Flat Rate Envelope with signature confirmation.
December 06, 2020, 06:39 PM
Batty67
I am executor for my deceased parents. I sent larger amounts to my brother via back wire transfer.
December 06, 2020, 07:31 PM
nshumway
I agree wire- you don't want that much cash getting lost.
December 06, 2020, 08:14 PM
bendable
Easy way: Direct Xfer

Or

Find a bank in your town that has a bank in his town.

Both put your names on same account,
Deposit the money and he takes it out at his leisure





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December 06, 2020, 08:28 PM
MikeinNC
I like the way Bendable thinks...no need to pay the bank for them to wire money!

If you (sender) have a bank near you that he (nephew) uses and has an account, just go make a deposit to the nephews account.

If not, then priority mail (USPS) or FEDEX a letter wi5 a check that is signature required and traceable...



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December 06, 2020, 08:49 PM
mjlennon
B2B mail checks thats size and more routinely.
December 06, 2020, 08:51 PM
Jamess1
Perfect for the season. 12 days of Venmo.
They let you do $2000 a day. Cool

Seriously. Worth the money to track the wire transfer. Yes check is nice but by the time add time to get it and then the cost and time to go send it, well worth the wire fee. Also the save the nephew the hassle of heading to the bank and make a deposit. Needing various ids and then his bank hold the money until the clear the check.
December 06, 2020, 09:49 PM
Excam_Man
Mail a smaller check each day until you reach $24k.
(2) 12k+12k
(3) 8k+8k+8k
(4) 6k+6k+6k+6k
(5) 5k+5k+5k+5k+4k
(6) 4k+4k+4k+4k+4k+4k

Or make it the X days until Christmas! Big Grin




December 06, 2020, 09:54 PM
PGT
USPS priority mail and cashier's check (if free), otherwise bankwire.

Or, like my brother did when he sold his apartment in Buenos Aires, Argentina and put the proceeds down on a new house outside the city....hired an armored truck to move the cash (nobody does checks for property sales there).
December 06, 2020, 10:29 PM
DaBigBR
I agree with those suggesting wire, ACH, or just mailing a check. The irony is that a wire is not only most likely the easiest and most secure, it's also likely cheaper than a certified/official/cashier check and shipping.