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Message
Is this banking behavior normal? Re: Holding check
Posted on 5/1/16 at 1:38 pm
Posted on 5/1/16 at 1:38 pm
Without too much fluff: Every time I deposit a check over $1,000 with Regions they try to put a hold on it - up to 7 days. This happens every two weeks, with nearly the same size check written from the same account. My normal branch overrides the hold but other branches wring their hands about it. "Have you deposited a check like this before" "Yes, every two weeks for the past 5 years..." Most of the time they can get a manager to override the hold, but not all the time.
Am I wrong for being annoyed? I always have enough cash in the account to cover the check, and my account has been open since 2001.
Am I wrong for being annoyed? I always have enough cash in the account to cover the check, and my account has been open since 2001.
This post was edited on 5/1/16 at 2:32 pm
14
Posted on 5/1/16 at 1:40 pm to GaryMyMan
If this is creating an issue, why not sit down and talk to your local branch manager if you'd like to stay. If it's enough to make you look around, why not make some time to sit down with managers at other institutions and ask them about how they treat this locally and on an institutional basis from a policy perspective.
Posted on 5/1/16 at 2:29 pm to GFunk
quote:
If this is creating an issue, why not sit down and talk to your local branch manager
Like I said: my normal branch is fine; when I deposit at other locations I run into trouble.
quote:
If it's enough to make you look around, why not make some time to sit down with managers at other institutions and ask them about how they treat this locally and on an institutional basis from a policy perspective.
Literally the question I'm asking with this thread. I've talked to a banker at Chase and the answer was "It just depends." So I'm here asking for anecdotes.
This post was edited on 5/1/16 at 2:31 pm
Posted on 5/1/16 at 2:34 pm to GaryMyMan
I left RF and moved to Chase and have not looked back.
Posted on 5/1/16 at 2:36 pm to GaryMyMan
So when you asked your normal branch why is it that others give you trouble did they give you an answer? There's obviously a policy in place that governs this that is not a hard and fast rule. We know this much because the other branches enforce it and your local one overrides it for you.
But why not ask about a note in the system or a way for you to avoid the issue if you'd like to stay. If you knew more about the why, it would probably help you find a solution.
But why not ask about a note in the system or a way for you to avoid the issue if you'd like to stay. If you knew more about the why, it would probably help you find a solution.
This post was edited on 5/1/16 at 2:54 pm
Posted on 5/1/16 at 2:49 pm to GaryMyMan
Regions annoyed me for years.
Posted on 5/1/16 at 2:57 pm to GFunk
quote:
So when you asked your normal branch why is it that others give you trouble did they give you an answer?
Standard policy is to place the hold. It can be overridden, subjectively, but doesn't have to be. That's the official answer. I don't think there's anything to accomplish talking to anyone at Regions - it's their policy. My question - the point of this thread - is whether that behavior is normal or if other banks also freak out when depositing a $X,000 check.
Posted on 5/1/16 at 3:02 pm to GaryMyMan
Regions isn't a real bank.
It's the worst of both worlds, the annoying crap of big banks and the lack of technology of small banks.
If you are young, go with Chase/CapOne/Wells Fargo and don't look back. If you want to have a more personal feel in the bank, go with a local bank. Chase has the best online platform right now and CapOne has the best app.
It's the worst of both worlds, the annoying crap of big banks and the lack of technology of small banks.
If you are young, go with Chase/CapOne/Wells Fargo and don't look back. If you want to have a more personal feel in the bank, go with a local bank. Chase has the best online platform right now and CapOne has the best app.
Posted on 5/1/16 at 3:51 pm to TheHiddenFlask
Chase just redid their online site. It is even better than what it was 2 weeks ago. I use Chase App and use my phone to deposit 10-15 checks per month. Payroll checks go into the ATM (of any branch) and 100% funds are available the next day.
Posted on 5/1/16 at 4:02 pm to Ice Cream Sammich
I worked at Hancock Bank for years and we would generally only put a hold on a check if the customer did not have the funds to cover said check if it did not go through. However the policy was that it could always have a hold put on it if anyone felt like it. if they do not know you it is likely there will be a hold put on it. Get mobile deposit
Posted on 5/1/16 at 9:30 pm to GaryMyMan
go to a credit union and get away from the big banks
Posted on 5/1/16 at 10:32 pm to bubbz
quote:
go to a credit union and get away from the big banks
This. Regions did me a favor many years ago by attempting to implement some stupid fee. They repealed it but that was my final straw with them. Credit unions are great.
Posted on 5/2/16 at 9:16 am to GaryMyMan
My wife worked in banking for years, and this policy is pretty standard. It's at the discretion of the branch manager where you're making the deposit to override it. Each bank probably handles it a little differently though, and I would guess smaller banks have a little more leeway.
Posted on 5/2/16 at 9:39 am to TheHiddenFlask
quote:
It's the worst of both worlds, the annoying crap of big banks and the lack of technology of small banks. If you are young, go with Chase/CapOne/Wells Fargo and don't look back. If you want to have a more personal feel in the bank, go with a local bank. Chase has the best online platform right now and CapOne has the best app.
A problem that most midsize banks such as Regions are having.
My old Boss had everything there. (Business/personal, etc). They wanted to implement a $1 fee for depositing a check via their mobile app. That was the last straw for her, and she moved everything to Chase.
Posted on 5/2/16 at 9:42 am to GaryMyMan
You probably don't have much money in the account. My credit union puts a hold for 24 hours on anything that I can cover in the account.
Edit: Not sure why this was downvoted, its the truth. I'm not saying OP is poor. I have accounts with less than a $1,000 in them too.
Edit: Not sure why this was downvoted, its the truth. I'm not saying OP is poor. I have accounts with less than a $1,000 in them too.
This post was edited on 5/2/16 at 10:02 am
Posted on 5/2/16 at 10:01 am to I Love Bama
This check thing is what keeps my checking at USAA.
I deposit with my phone, and its available immediately, up to $10,000.
Did a $6,000 check last week and it goes though like a $100 check.
I deposit with my phone, and its available immediately, up to $10,000.
Did a $6,000 check last week and it goes though like a $100 check.
Posted on 5/2/16 at 10:33 am to GaryMyMan
First off, dump Regions, they are terrible.
As to your specific situation, is this coming from a rather large customer? If it's a company everyone has heard of, it should be assumed the check is good.
Could you just open an account at the same bank your customer uses and deposit that check into that account? There should be no hold issue there. Pay a couple of bills out of that account each month. This is assuming you can find a low/no fee account.
As to your specific situation, is this coming from a rather large customer? If it's a company everyone has heard of, it should be assumed the check is good.
Could you just open an account at the same bank your customer uses and deposit that check into that account? There should be no hold issue there. Pay a couple of bills out of that account each month. This is assuming you can find a low/no fee account.
Posted on 5/2/16 at 11:15 am to GaryMyMan
1) Get an account at Schwab
2) Download their mobile app and use it for deposits
3) Profit
2) Download their mobile app and use it for deposits
3) Profit
Posted on 5/2/16 at 11:18 am to I Love Bama
quote:
You probably don't have much money in the account. My credit union puts a hold for 24 hours on anything that I can cover in the account.
Nah, my normal balance is about 4x the check's value. This happens on every deposit from $1,000 to $8,000. Doesn't make a difference.
quote:
My old Boss had everything there. (Business/personal, etc). They wanted to implement a $1 fee for depositing a check via their mobile app. That was the last straw for her, and she moved everything to Chase.
They'll charge you between 1 and 3 percent if you want it available immediately as a mobile deposit. Insanity. Also: my two personal accounts are able to use mobile deposit, but my business account is not. No idea why.
This post was edited on 5/2/16 at 11:21 am
Posted on 5/2/16 at 11:52 am to GaryMyMan
What bank is the check written from? Is it from Regions to Regions?
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