Bank tried to Hold-Up

[Bekeart]

Yesterday I tried to deposit a large check from a well know Brokerage Firm into my checking account.
Teller and Officer wanted a SEVEN WORKING DAYS HOLD!
That would be nine calendar days, but ninth day is a holiday.
TEN DAY HOLD on my money.
In the past I have had Five Day Holds
Ten days is far beyond average found by google ...

I left with my check and found a more friendly bank.
Since this bank does not trust me or my Brokerage Firm,
I see no reason to trust this bank with my money either.
Woody Guthrie wrote - Some will rob you with a six-gun, And some with a fountain pen.

Quote from Google: A bank may hold a check deposit for up to five business days for checks over $10,000, but this hold is not mandatory and can be shorter in some cases. The bank can choose to release funds sooner or hold them for the full five days if they have reasonable cause to believe the funds are uncollectible, End Quote
Bekeart
Cantankerous Old Coot

 

[Xfuzz]

Received a text today that my bank will only accept a max of $5k mobile deposits
a day...$10k per week. ...Whatever a mobile deposit is.

 

[Rudi]

Does that mean electronic transfers?

 

[Muss Muggins]

Received a text today that my bank will only accept a max of $5k mobile deposits
a day...$10k per week. ...Whatever a mobile deposit is.

Most bank apps have the ability for you to scan a check with your smartphone and and "deposit" it without physically giving the check to the bank.

 

[TX-Dennis]

Most bank apps have the ability for you to scan a check with your smartphone and and "deposit" it without physically giving the check to the bank.

Exactly this. You endorse the check, take pictures of front and back, fill in a couple of blanks, and hit Deposit Check. A couple of days later (or maybe up to 5 at some banks) the money is in your account. It's the only way I deposit checks nowadays.

 

[Onomea]

Does that mean electronic transfers?

No. Per above, it means you depositing paper checks you receive in the mail using your cellphone's bank app and camera. It is a very convenient way to deposit paper checks.

Somebody sends you an electronic transfer, e.g., the SSA, it clears in a day or two.

 

[LVSteve]

Don't be shy, Bekeart, name names!

 

[WCCPHD]

I bought a shotgun last week and the company had a problem with their website. They charged me twice for the gun and it still did not go through. I called them and paid for it again. Saturday they said that they refunded the money. My bank took all three payments out of my account immediately. The store refunded the money on Friday and it showed up in my account today (Wednesday). Amazing they can take it instantly and then they wait five days to put it back.

 

[326MOD10]

I don't believe there is any laws or rules that mandate a time frame a check needs to be released on a hold.

I think it is mandated to be a "reasonable" time. That can have a lot of meanings and interpretations.

Many times it depends on amount of check, how long you have had an account, who the check is from, etc..

Another factor can be if you generally have the money in your account to cover the check if it does present an issue.

The financial institution generally gives you worst case scenario on the time for the check to clear but if no issues will beat that estimate.

I am shocked that some random bank not affiliated with you or the brokerage firm would even cash a check, much less one for a large amount.

As far as the refund on the triple charge I am guessing a credit or debit card was used. Those funds do show up on your account immediately when a purchase occurs.

A refund must come from the businesses account, through the card company or the Federal Reserve banking system before it would land back in your account.

 

[Truckman]

Received a text today that my bank will only accept a max of $5k mobile deposits
a day...$10k per week. ...Whatever a mobile deposit is.

I got the same email today...I have no idea what a mobile deposit is...Unless they're talking about Mobile Alabama, and I might still have an active warrant there......Ben

 

[Bekeart]

Quote: I am shocked that some random bank not affiliated with you or the brokerage firm would even cash a check, much less one for a large amount. Quote End

Not a random bank.
Just another bank that I have had accounts with since 1985.

Check was DEPOSITED into account with a FIVE working day hold.

The first bank has had five day holds in the past.
Their new seven day hold was taken as an insult.
I have had line of credit and large accounts with them in the past.
Never any over draft problem.
The obviously do not trust me or Vanguard Funds

The second bank accepted the check for deposit with five day hold.

Both banks are locally owned.
Based on past experiences, the first bank has two officers I would not trust to run a lemonade stand.

Bekeart

 

[cherrypointmarine]

When I was finally declared Perm and Totally Disabled by a w/c judge , they back paid me for like 2 years . I got like 25 checks for a total of over $50,000 . I took them to the bank they were written on and since I didn't have an account there , they wanted $25 a check to cash them , you do the math . I took them to mu CU and deposited them . They gave me credit for half right away and the rest in 3 days . Could be the reason I've never been a bank member , always CU's .

 

[biku324]

A credit union is far superior to a commercial bank IME.

 

[Bald1]

Quote: I am shocked that some random bank not affiliated with you or the brokerage firm would even cash a check, much less one for a large amount. Quote End

Not a random bank.
Just another bank that I have had accounts with since 1985.

Check was DEPOSITED into account with a FIVE working day hold.

The first bank has had five day holds in the past.
Their new seven day hold was taken as an insult.
I have had line of credit and large accounts with them in the past.
Never any over draft problem.
The obviously do not trust me or Vanguard Funds

The second bank accepted the check for deposit with five day hold.

Both banks are locally owned.
Based on past experiences, the first bank has two officers I would not trust to run a lemonade stand.

Bekeart

Problem is we have become just a number. I used a local small town bank for 20 yrs. Everyone knew my first name. I deposited checks as large as $40k with no hold. Now a small hometown bank bought it and it’s a cluster************. I go in at least once a week. Every time it’s like they’ve never seen me before. Every time I go in I’m the only one there. They now charge $10 for a money order and wanted to hold a $900 insurance company check for 5 days. I said do what you want. There’s plenty of money in account to cover it. In the meantime I’ll find a bank that won’t hold it.

 

[Greyman50]

Sadly most banks are “ alpha Hotels” concerning deposits. They want several days so they get interest on the $$$ from check Before depositing it ones account. Checks clear in minutes or seconds these days, not days. Had that happen to me over 20 years ago and I withdrew All our $$$ and went to Navy Fed. CU. Best move I ever made, will Never deal with any bank again.