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Message
Checking Account Hold: How long is too long?
Posted on 4/9/15 at 9:53 am
Posted on 4/9/15 at 9:53 am
Recently I deposited a large cashier's check written by one local bank into my Regions account. They placed a 7 day hold on the entire amount PLUS about 1/3 of a pay check I was depositing at the same time. Does that seem egregiously long? Would other banks (Chase/Cap One) be better?
15
Posted on 4/9/15 at 9:58 am to GaryMyMan
How much was the amount?
Posted on 4/9/15 at 10:01 am to GaryMyMan
How large was the check? I'm guessing over 10k. What was your current available balance?
Posted on 4/9/15 at 10:05 am to GaryMyMan
7 days is on the long end. But 3-4 days has always been common for me. Even certified cashiers checks.
I'm transferring a good chunk of change from a local bank to Chase and asked the bank what the limit was before they put a hold. You could deposit a 5k check every day for 10 days and not have a problem, but if you deposit a 50k check, it's getting held up and you don't have access to your money. Don't really understand that.
I'm transferring a good chunk of change from a local bank to Chase and asked the bank what the limit was before they put a hold. You could deposit a 5k check every day for 10 days and not have a problem, but if you deposit a 50k check, it's getting held up and you don't have access to your money. Don't really understand that.
Posted on 4/9/15 at 10:17 am to KG6
3-4 days, I can understand. 7 is an eternity for two banks that are half a mile from each other.
Next time (if there is a next time for Regions) I'll just get a bag of cash.
The cashier's check was more than my available balance, but the additional hold on the paycheck really irked me. They released 1/3 the next day, another 1/3 3 days later, and will release the other 1/3 tomorrow night after a full 7 days. This is unusual.
Next time (if there is a next time for Regions) I'll just get a bag of cash.
quote:
What was your current available balance?
The cashier's check was more than my available balance, but the additional hold on the paycheck really irked me. They released 1/3 the next day, another 1/3 3 days later, and will release the other 1/3 tomorrow night after a full 7 days. This is unusual.
This post was edited on 4/9/15 at 10:21 am
Posted on 4/9/15 at 10:19 am to GaryMyMan
quote:
Recently I deposited a large cashier's check written by one local bank into my Regions account. They placed a 7 day hold on the entire amount PLUS about 1/3 of a pay check I was depositing at the same time. Does that seem egregiously long? Would other banks (Chase/Cap One) be better?
I recently deposited a large check with my bank USAA using The UPS Store. I immediately received a text notification of my deposit and all of my funds were available to use the same business day.
I did have a similar experience that you just had with Chase (the teller did not notify me of hold and I didn't receive notification of hold in writing until 3 weeks after deposit was made) about 17 years ago. I swore I would never do business with Chase again and to this date, I haven't.
This post was edited on 4/9/15 at 10:23 am
Posted on 4/9/15 at 10:21 am to GaryMyMan
I sold a house last year and it was local bank to local bank.
They released maybe 20% right away, the rest was 7 long days.
The bank the check was deposited in was Capital One.
They released maybe 20% right away, the rest was 7 long days.
The bank the check was deposited in was Capital One.
Posted on 4/9/15 at 10:40 am to GaryMyMan
quote:
two banks that are half a mile from each other.
This isn't 1920. The distance between the banks is irrelevant.
quote:
Regions
This is your problem.
Posted on 4/9/15 at 10:42 am to GaryMyMan
Granted my sister worked at Chase and they may have been saying this only because they knew her, but they told me if I notified them ahead of time, they may be able to help out a little and get a manager involved. I didn't need the money transferred that quickly, so I do a little at a time (current account gives 2% interest, so I'm not in a rush)
As far as the cash, you are going to run into the same issue. Try to request more thank 5-10k in cash and I bet they tell you that they have to put an order in for that much cash and you'll have to come back at a different date.
As far as the cash, you are going to run into the same issue. Try to request more thank 5-10k in cash and I bet they tell you that they have to put an order in for that much cash and you'll have to come back at a different date.
Posted on 4/9/15 at 3:48 pm to GaryMyMan
This should clear it up
This post was edited on 4/9/15 at 3:48 pm
Posted on 4/9/15 at 4:17 pm to GaryMyMan
Had the same thing happen this week as I've moved and needed a local bank since Capital One isn't west of Texas. Chase was able to call Capital One and get the full amount of my deposit released by Capital One the next day.
Posted on 4/9/15 at 5:37 pm to GaryMyMan
Pretty standard actually
Posted on 4/9/15 at 6:14 pm to GaryMyMan
The longest I've experienced is a hold of 10 business days.
Posted on 4/9/15 at 6:15 pm to fillmoregandt
quote:
Pretty standard actually
I've deposited three checks over $10,000 into my account at my Credit Union. They all posted immediately.
Posted on 4/9/15 at 6:47 pm to GaryMyMan
quote:
Would other banks (Chase/Cap One) be better?
Probably not. Most of this is driven by regulation.
Occasionally I have multiple, large deposits (less frequently than I'd like of course) and if funds availability is important I make them on different days, not all at once.
Posted on 4/9/15 at 7:37 pm to GaryMyMan
Another thing that comes into play is your relationship your bank. Concerning the hold on your pay check, they should have been able to pick and choose which item(s) to place the hold on. It doesn't hurt to go back to that branch and ask them to release the funds from your paycheck.
Posted on 4/9/15 at 10:09 pm to JonaYolles
Somebody has already posted the banking rules in a pretty little chart. For those of you who don't trust a chart, have a blast.
UCC 4
UCC 4
Posted on 4/9/15 at 11:14 pm to GaryMyMan
quote:
The cashier's check was more than my available balance, but the additional hold on the paycheck really irked me. They released 1/3 the next day, another 1/3 3 days later, and will release the other 1/3 tomorrow night after a full 7 days. This is unusual.
This doesn't make sense. Unless an exception reason applies as listed in the chart above, at least $5000 of the cashier's check (a next-day item) must be available by the next business day. So, typically, for a large deposit hold involving a next-day item, there will only be one 7-business day hold for the amount over $5000.
Posted on 4/9/15 at 11:40 pm to C-Bear
quote:
Another thing that comes into play is your relationship your bank.
I'm going in to talk to them about my concerns tomorrow. I just opened another account with them last week for business so I hate to hastily close all my accounts if they're following standard practices, but it's been pointed out by many here that they seem to have gone overboard.
quote:
This doesn't make sense. Unless an exception reason applies as listed in the chart above
When I made the deposit the teller handed me 3 pieces of paper detailing all the holds; I ignored it because I've gotten them in the past only to see the check post the next day.
This post was edited on 4/9/15 at 11:45 pm
Posted on 4/10/15 at 2:13 pm to Golfer
quote:
I've deposited three checks over $10,000 into my account at my Credit Union. They all posted immediately.
Credit unions =/= banks
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