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re: Is this banking behavior normal? Re: Holding check
Posted on 5/2/16 at 2:01 pm to GaryMyMan
Posted on 5/2/16 at 2:01 pm to GaryMyMan
The bank can't hold your money for longer than legally allowed.
Expedited Funds Availability Act
No matter what, you should be getting $200 of your deposit made available on the next business day.
Unless they have a good reason to delay availability, they can't hold your check beyond the 2nd business day after your deposit.
With the little you've told us, there are a few possibilities.
Your checks could be over $5000 sometimes, if you're repeatedly overdrawing your account, they have some reason to believe the account they're drawing on won't be able to collect, or you're a new customer. There are others but those seem unlikely. Just check my link.
But it sounds to me like you should go to the main branch you deal with and print out a copy of the law. Ask them to explain to you why you're being delayed. In fact, they're required to give you a notice explaining the basis for the hold. What does your notice say?
Expedited Funds Availability Act
No matter what, you should be getting $200 of your deposit made available on the next business day.
Unless they have a good reason to delay availability, they can't hold your check beyond the 2nd business day after your deposit.
With the little you've told us, there are a few possibilities.
Your checks could be over $5000 sometimes, if you're repeatedly overdrawing your account, they have some reason to believe the account they're drawing on won't be able to collect, or you're a new customer. There are others but those seem unlikely. Just check my link.
But it sounds to me like you should go to the main branch you deal with and print out a copy of the law. Ask them to explain to you why you're being delayed. In fact, they're required to give you a notice explaining the basis for the hold. What does your notice say?
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