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Message
Bank interest scam? MB thoughts
Posted on 4/15/18 at 10:19 am
Posted on 4/15/18 at 10:19 am
So my wife wrote herself a check out of our joint account (USAA) into her personal account (Regions) for a small business she runs. She wrote and deposited the check on 4/10. Our balance in the joint account is roughly 7 times the amount of the check. The funds cleared our joint account on 4/11. As of 4/14 the funds were still not available in her personal account.
On 4/14 we got a letter from Regoins saying “The availability of these funds is being delayed because of the following: -We have confidential information that indicates the funds may not be paid.”
It goes on to say that the funds will be available on 4/19 if the check clears.
Is this normal? I have never seen or heard of such a thing. Is my joint account about to seized by Mueller?? What information could they have? Nothing out of the ordinary is happening with my accounts right now.
On 4/14 we got a letter from Regoins saying “The availability of these funds is being delayed because of the following: -We have confidential information that indicates the funds may not be paid.”
It goes on to say that the funds will be available on 4/19 if the check clears.
Is this normal? I have never seen or heard of such a thing. Is my joint account about to seized by Mueller?? What information could they have? Nothing out of the ordinary is happening with my accounts right now.
3
Posted on 4/15/18 at 11:02 am to skidry
Is this something she does fairly often and for large amounts compared to the average balance of the Regions account? If so, it could have gotten flagged by their software as possible kiting, which would have necessitated the extended hold to make sure it isn’t. Frequent deposits from an account at another bank owned by the account holder can get extra attention due to kiting risks. Besides that, I have no idea why it would be flagged.
Posted on 4/15/18 at 11:09 am to LPTReb
This could be why. She never really does this and it was a rather large amount compared to her regions account balance.
This post was edited on 4/15/18 at 11:10 am
Posted on 4/15/18 at 2:54 pm to skidry
quote:are you saying they're keeping it this long so they can draw interest from it?
Bank interest scam
Posted on 4/15/18 at 3:05 pm to skidry
quote:
Regions
quote:
We have confidential information that indicates the funds may not be paid.”
Had something similar happen to me. I had to write myself a check from one account to my regions account to pay for tuition and they sent me a similar letter. It was bullshite and the check was for about 8K. Fast forward, these frickers told me they were holding funds for 2 weeks. I was pissed. I told her cancel my account and close everything. I have since moved to chase and couldn’t be happier.
Bottom line, fck regions.
This post was edited on 4/15/18 at 3:13 pm
Posted on 4/15/18 at 3:35 pm to TG_
Damn. Regions must set a mighty low bar. Chase is terrible.
Posted on 4/15/18 at 4:33 pm to iknowmorethanyou
quote:
Chase is terrible.
Based on?
Posted on 4/15/18 at 6:07 pm to skidry
quote:
This could be why. She never really does this and it was a rather large amount compared to her regions account balance.
They put a hold on it because the check amount is greater than the account balance. If the deposited check money gets spent and the check bounces, then the account is overdrawn. Pretty standard practice, especially if it's a large amount.
The reason they gave sounds strange though.
This post was edited on 4/15/18 at 6:09 pm
Posted on 4/15/18 at 6:16 pm to castorinho
It was my first thought. How many deposits do they get in a day? My money was nothing but if this is a regular policy. Also the fact that they cited confidential information about the availability of the funds but I know the funds are rock solid.
Posted on 4/15/18 at 6:17 pm to TG_
We are closing out the account Monday.
Posted on 4/15/18 at 6:18 pm to shaqfu33
I get that but my funds were taken out of the other account the day after.
Posted on 4/15/18 at 8:05 pm to skidry
quote:
I get that but my funds were taken out of the other account the day after.
Regions (and many other banks) put a hold on the account for a set number of days regardles of when the money is taken out of the account that the check is drawn on. I'm in process of closing my Regions account in near future as well, but you will find this problem at most any bank.
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