This past week I gave a check for upwards of $20,000.00 to a client. My client had fears of student loan companies garnishing his bank account if he deposited any money into it. He had some difficulties getting his check cashed so I’m writing this blog post.
Background on Car Crash Case
The case involved a serious car crash. My client was the passenger in a Ford Explorer. The at fault driver allegedly had a stroke while driving. This caused her to run though a red light in Downtown Louisville and smash into the Explorer. Impact was on the left side of the car where my client was sitting. He hurt his shoulder as a result of the crash. Medical expenses were high.
No Insurance from Other Driver
The at fault driver did not have automobile insurance. Luckily my client lived with his mother. This qualified him for uninsured motorist coverage under the “resident relative” provision of her policy. The policy limits were $50,000.00 and the carrier tendered the limits. The importance of underinsured motorist coverage is the topic of another blog post. Without this coverage my client would have pocketed nothing.
Once the limits were tendered I got to work on the medical expenses and breaking down where money was owed. This involved advising my client as to who has to be paid back per law. Normally this is health insurance liens. It is included in the release from the insurance company that the liens will be paid by the Plaintiff.
Picking up the Check from Your Lawyer
My client eventually came into the office to pick up his settlement check. He then brought it to a Chase Bank. They wouldn’t cash a $20,000.00 settlement check. The check was written on a Chase check, but their internal policies and procedures would not allow it to be cashed. Chase told my client he needed to open an account to cash the check. So how could he cash the check?
Go to Your Bank
The easiest way to cash the check is to go to a bank that knows and trust you. If I want a check cashed I go to Chase. That is my bank. If I’m going to need a large sum of cash I put them on notice a few days before. But not everyone has a bank for various reasons. Some people don’t trust banks. Others don’t want garnishments.
Can My Lawyer Give Me Cash?
My client Facebook messaged me from the bank outlining his issue cashing the check. He asked if I could just give him cash. I cannot. My office does not handle cash and for accounting purposes all funds are distributed via check.
Official Lawyer Money?
Check Cashing Store
The other alternative is check cashing companies. Let me be clear. These are not my favorite entities. However, if the regular banks won’t help they may be the only alternative. In this scenario my client could have opened a bank account, waited the requisite time for bank approval, told the bank he wanted all his money in cash, and got it. The problem is that would have taken time and my client wanted this done fast. He went to a check cashing place and paid them a premium to cash the check right then and there.
Advertising Material for www.louisville-injury-lawyer.com Brian R. Dettman and Dettman Law. FYI, I’m not a banker. I’m a personal injury lawyer. I’m not giving you any banking advice 🙂
