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re: Is this banking behavior normal? Re: Holding check
Posted on 5/2/16 at 12:02 pm to Scooba
Posted on 5/2/16 at 12:02 pm to Scooba
I make two regular deposits: one written on a Chase check, the other from a small local bank. The hassle is equal. I think I have my answer here; I've given Regions 15 good years & am ready to try something new.
1
Posted on 5/2/16 at 12:09 pm to Scooba
quote:
What bank is the check written from? Is it from Regions to Regions?
Yeah, this is the most important question. If it is every two weeks, I assume it is some sort of payroll check. If that is the case, you have two options:
1) Open an account with the institution from which the payroll check is drawn. They'll be able to check if the funds are good to go and will likely eliminate any hold issues.
2) Talk to your employer and ask why they still pay with paper checks in 2016. It is inconvenient for both of you.
In a practical sense, is this a problem for you? For instance, are you trying to spend the money that is being held or do you just want to see the money available faster. I ask because if neither of the above options are feasible, you should just let it slide unless you actually need the money available. Most banks will call the other institution and check to see if the funds are good if you want the hold removed.
Posted on 5/2/16 at 12:11 pm to GaryMyMan
quote:
I think I have my answer here; I've given Regions 15 good years & am ready to try something new.
That is fair, but before you dump them you should know that policy is fairly standard. If it is going to be a point of contention make sure you ask about it while looking for other banks.
I don't say any of this to be pro-Regions, because I'd dump them too, but just being fair.
Posted on 5/2/16 at 12:17 pm to GaryMyMan
I had this issue with Neighbor's for a short time. I am 1099 and it was payment for services rendered. Sometime couple thousand, sometimes, many times more than that. I had a talk with a manager one day and they put a note on the account and I haven't had another problem.
Posted on 5/2/16 at 12:21 pm to wickowick
quote:
had this issue with Neighbor's for a short time. I am 1099 and it was payment for services rendered. Sometime couple thousand, sometimes, many times more than that. I had a talk with a manager one day and they put a note on the account and I haven't had another problem.
I'm glad you had it straightened out, but I really can't blame a bank for placing a hold on a large check, particularly when you don't have enough funds to cover it in your own account. It is reasonable to expect them to verify the funds, but it is also reasonable to expect a hold until that is done. They're not in the business of cashing $20,000 checks when $2,000 is actually in your account.
Posted on 5/2/16 at 12:25 pm to KillTheGophers
quote:
I left RF and moved to Chase and have not looked back.
THIS! I was with Regions since I started college since they had a location right off campus and right by my parents house. Regions operates on such a small scale, it holds them back a lot. They always gave me headaches and fuss over petty crap. Opened up a Chase account in February, even got $300 for opening the account. I keep my Regions account open, but very very rarely use it. Screw them.
Posted on 5/2/16 at 12:27 pm to slackster
quote:
They're not in the business of cashing $20,000 checks when $2,000 is actually in your account.
I have never had an issue of having less in savings than any of the checks being cashed...
Posted on 5/2/16 at 12:40 pm to wickowick
Banks are great at taking your money and then also great at not giving you access to get your money. Wells Fargo is perhaps the best at this. For instance, when you want to transfer money out of your Wells Fargo account to another bank account and initiate it online at Wells Fargo, they will charge you for it. They will also make you verify the outside bank account first which can take a few days. However, if you want to transfer money into Wells Fargo though, there is no charge and the account links immediately.
Also, I have a Wells Fargo HSA account that will only let me withdraw funds online via transfer to a Wells Fargo checking account only. If I want the HSA funds to go to a non-Wells Fargo account, I have to request a distribution, submit an invoice and wait on a check.
Needless to say, I hate Wells Fargo and actually most banks. The best experiences I've had are with smaller banks where you can actually talk to someone who can do something when you run into an issue or a big bank like Fidelity where their mobile applications and online services are first rate which makes it easy to do business.
Also, I have a Wells Fargo HSA account that will only let me withdraw funds online via transfer to a Wells Fargo checking account only. If I want the HSA funds to go to a non-Wells Fargo account, I have to request a distribution, submit an invoice and wait on a check.
Needless to say, I hate Wells Fargo and actually most banks. The best experiences I've had are with smaller banks where you can actually talk to someone who can do something when you run into an issue or a big bank like Fidelity where their mobile applications and online services are first rate which makes it easy to do business.
Posted on 5/2/16 at 12:59 pm to slackster
quote:
but I really can't blame a bank for placing a hold on a large check, particularly when you don't have enough funds to cover it in your own account. It is reasonable to expect them to verify the funds, but it is also reasonable to expect a hold until that is done. They're not in the business of cashing $20,000 checks when $2,000 is actually in your account.
Sounds like the OP has enough money in the account.
As to your other comment, sure. But it is 2016. With Check 21 and all the electronic services out there, it's pretty hard to believe that banks still need 5-10 days to verify funds.
Plus, if the check does end up being returned, your bank will charge you a fee anyways and take the money back. And if you don't have the money to put back, they will hassle you for it anyways.
It's just another example of some banks still being stuck in the 20th century.
Posted on 5/2/16 at 1:55 pm to GaryMyMan
quote:
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.
Maybe that was what it was. You are right, it is insane. How a business can't adapt to a market is crazy to me.
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?
Posted on 5/2/16 at 2:02 pm to Serraneaux
My employer uses Regions, while I use a different bank. There's not really a branch for my bank close to my office, and every now and then I'll get a small reimbursement check. I took one to the Regions across the street, the one my employer uses, to cash a $10 reimbursement check. They were going to charge me to cash a check drawn on their account. I forget how much the fee was, something like 2% or $25, whichever was lower. It was the most insane thing I'd ever heard. My employer even called the branch manager when I told him about it, and the branch manager was powerless over it.
Posted on 5/2/16 at 6:06 pm to GaryMyMan
quote:
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.
If they're placing a 7-day hold on deposited checks drawn on a domestic bank, then there is an exception reason that applies. If they're giving you the first 5k on the 2nd business day, then it's a simple large deposit hold. If they're holding the entire amount for 7 business days, then there's something sketchy going on.
Posted on 5/2/16 at 6:11 pm to LSUFanHouston
quote:
the OP has enough money in the account. As to your other comment, sure. But it is 2016. With Check 21 and all the electronic services out there, it's pretty hard to believe that banks still need 5-10 days to verify funds. Plus, if the check does end up being returned, your bank will charge you a fee anyways and take the money back. And if you don't have the money to put back, they will hassle you for it anyways. It's just another example of some banks still being stuck in the 20th century.
My understanding is that it's not about the check clearing the paying bank, so much as giving a period of time for the remitter to view and dispute the check that cleared their account.
Posted on 5/2/16 at 6:22 pm to GaryMyMan
My wife banks with Regions and has the same issue. I wrote her a $2000 check out of my chase account several weeks ago. It cleared Chase in one day but she had to wait 7 days. bullshite if you ask me.
Posted on 5/2/16 at 6:55 pm to lsufan1971
I feel like banks are just holding money for no reason just bc they can. They know if the funds are good by the next day. We have a commercial account with chase and capital one with large amounts in them. Any check we deposit gets a 48 hour "float" put on them. Most checks we deposit are cashiers checks also. They say it's not a hold but it's the same thing bc we can't use the funds for 48 hours.
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