Now what do I do with this insurance check?

[cpbaby]

A drunk driver hit my house back in March. His insurance gave me no trouble about the amount, even gave me EXTRA based on what their adjuster's esimate was.(about $600 more than our lowest estimate). OK, I get the check and I start making plans to get my house fixed. The check is made out to ME only-no contractor, no DH, no NOBODY. I go today to get it cashed because the contractor is(was!) supposed to come next week and fix it. MY bank wont cash it because I only have a house loan, I do not have an "account". Even if I DID have an account, they will only deposit it and then hold it for up to 3 weeks.


Well, SNOT! What am I supposed to do now? My contractor is coming and I cant pay him. The contract states that payment is due the day the work is finished(which is reasonable, I think, considering its a small job). PLUS, I have no way of cashing it now. Its big enough the grocery wont cash it so if the bank wont cash it, what on EARTH am I supposed to do?


HELP!

[Katt]

The bank said they wouldn't cash it, even if you did have an account? Wow.

Do you have a branch of the bank that the check is drawn on, near you? You could always cash it there.

[Willow]

Do you have a pawn shop in your area that also has a check cashing service? I have had to do that in the past if I didn't have enough in the bank to cover it.

[Njean31]

can you take it to the bank it was drawn on? if not i think you will have to open an account somewhere and wait the 3 weeks. when i got in my car accident i got a large amount of money and had a bank account. i had to deposit it and wait for 10 days to draw on it. bank of america only makes you wait 10 days if that helps.

[cpbaby]

So Check cashing service will cash it? Hmmm.....I wonder what the fees are like........I am using the extra for my summer tuition.I can put off the contractor(hopefully) But I cANT put off my tuition.


I looked and looked and FINALLY found an itsy bitsy bank name. M & I Bank of Mayville. Ive never heard of it.

See, thats the problem. I have a MORTGAGE but not an actual account-no checking or savings accounts. PLUS, even if I did, they would put a FREEZE on the funds in case the insurance company backed out on paying it.


I swear, Im gonna smack the little snot-head that did this. :mad:

[vicky122]

They are making you wait till the check clears. Can't you call and cancel the work explain why. Reset the appointment after the check clears.

[Willow]

So Check cashing service will cash it? Hmmm.....I wonder what the fees are like........I am using the extra for my summer tuition.I can put off the contractor(hopefully) But I cANT put off my tuition.


I looked and looked and FINALLY found an itsy bitsy bank name. M & I Bank of Mayville. Ive never heard of it.

See, thats the problem. I have a MORTGAGE but not an actual account-no checking or savings accounts. PLUS, even if I did, they would put a FREEZE on the funds in case the insurance company backed out on paying it.


I swear, Im gonna smack the little snot-head that did this. :mad:

I assume they will. We have a pawn shop right down the street and they also cash checks. They have a list near the window that shows what percentage of the check they keep. I think the most was 7%. Personal checks are 5% and pay roll is 3%.

[cpbaby]

I understand about the freeze. I simply do NOT have an account where I can deposit it, or I would have today. I can not get an account because they check the whatever it is they check and I had two checks bounce last year. My account showed they cleared so I closed the account and then they were sent back to the retailer as CLOSED ACCOUNT so I got reported, even though I went the day I was notified and picked them up.

[Tasha405]

Yeah, most of the cash advance/check writing places will cash them now. Or at least they do up here. They may charge like $20 or so to cash it though. I'm not really sure what their fees and everything are though.

[sivohdarba]

Could you sign it over to the contractor? or is it for more than he is charging to fix your house?

[freebielover]

I think they won't let you cash it unless you have enough in your account to cover it. You *should* be able to go to the bank that it was drawn on and cash it as they can verify there is enough in the account so it won't bounce.

[YankeeMary]

Could you sign it over to the contractor? or is it for more than he is charging to fix your house?
Good idea. Or do you have a friend that you can sign it over to and have them cash it at their bank then give you the money??? What a drag, I hope it works out for you. Good luck...HUGS!!!

[cpbaby]

Its almost double what the contractor is charging. I thought about asking my MIL to put it in her account, but she would then want to become my "money police" if I did that. No thank you.



IF I had the bank it was drawn on near me, I WOULD be there when they open on Monday morning. HOWEVER, I have NEVER heard of this bank, and have no idea where one would be.

[vicky122]

Call up the insurance company and ask them if there is a bank by you. Other wise you will have to pay the fee what some check cashing place charges you.

[june72]

I would find another bank and take my business there!!!!!!!!!! That is such nonsense....

[catssass]

M & I bank is actually a very nice bank, they are new here in Minnesota, I had a check from them and I had to find a branch here , little did I know it was right in my neighborhood, I looked and there are none in Kentucky, the closest to you is Missouri...

[disneymom]

Here is the abnk info! hth!!

M&I Bank of Mayville
209 Horicon Street
Mayville, WI 53050
Website: http://www.mibank.com

[cpbaby]

Thanks.


With these gas prices, I think I may be just as well off going to a check cashing place. Its only 636 miles from my house, lol. Yahoo says its a 9 hr & 42 min drive. So Id have gas, PLUS a hotel room and food AND two days off from work. Oh well, thanks for helping. :)

[tigger4]

Here is the website for the bank you are talking about. Maybe you can find a location near you. http://www.mibank.com/

[mrssnoop1]

Can you just sign your check over to the mortgage and then just pay fir the repeirs with the mortgage payment since you had already paid it? maybe you could open a savings account. We could do that when we couldn't get a checking account about 25 years ago.

[cpbaby]

Thanks but no. The repairs AND the check are WAY more than my mortgage payment. Also, no matter what type of account you open(at least around here) they run eiher Telecheck or Chexsystems on you and if ANYTHING pops up, even if its been taken care of, youre denied.

[Denise1972]

If you have a currency exchange around your area, they will cash it. Thats where I take all my checks to. They charge a little for the check cashing fee, but it is worth it.

[VALENA-)45]

So Check cashing service will cash it? Hmmm.....I wonder what the fees are like........I am using the extra for my summer tuition.I can put off the contractor(hopefully) But I cANT put off my tuition.


I looked and looked and FINALLY found an itsy bitsy bank name. M & I Bank of Mayville. Ive never heard of it.

See, thats the problem. I have a MORTGAGE but not an actual account-no checking or savings accounts. PLUS, even if I did, they would put a FREEZE on the funds in case the insurance company backed out on paying it.


I swear, Im gonna smack the little snot-head that did this. :mad:can you use the check to pay your tuition and then pay the contractor. call the cantrctor and tell him the problem your having cashing the check and let him cash it for you at his bank and that way he gets paid at the same time.

[pookiebearluvsscott]

How close are you to MAYVILLE WISCONSIN? That is where that bank is located :)

[cpbaby]

Thanks for the thought.



How close are you to MAYVILLE WISCONSIN? That is where that bank is located :)




Thanks.


With these gas prices, I think I may be just as well off going to a check cashing place. Its only 636 miles from my house, lol. Yahoo says its a 9 hr & 42 min drive. So Id have gas, PLUS a hotel room and food AND two days off from work. Oh well, thanks for helping.