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Regions Bank and Deposit Holds
Posted on 7/27/20 at 9:46 am
Posted on 7/27/20 at 9:46 am
on Friday my payroll checks for my employees got delayed due to UPS driver getting into an accident. Most of the employees were OK in waiting until this morning to receive their checks but a few really needed them. So I wrote out about 12 payroll checks to my employees that needed them....all total, about 20,000.00. I don't bank with Regions so I don't know their policy.
But 2 of my people do. They took the checks and mobile deposited them before the cut off . They knew funds would not be available until the next day , on Saturday. But both got notice of a hold on their deposits that could last up to 11 days?
After writing the checks to them I still have 17000.00 in payroll and the 20,000.00 can be reapplied to the account. What is with this?
But 2 of my people do. They took the checks and mobile deposited them before the cut off . They knew funds would not be available until the next day , on Saturday. But both got notice of a hold on their deposits that could last up to 11 days?
After writing the checks to them I still have 17000.00 in payroll and the 20,000.00 can be reapplied to the account. What is with this?
8
Posted on 7/27/20 at 9:52 am to KiwiHead
Call your bank and call regions. Get them on a 3 way to verify funds are available. Depending on amount of checks, they can go to underwriting. I’ve had it happen before and the guy at regions told me to do it this way in the future if ever happened again
Posted on 7/27/20 at 9:53 am to KiwiHead
quote:This is a very confusing thread.
What is with this?
What are you wanting to know?
Are you asking if Regions Bank can put a hold on a check deposited to their customer's account if that check is drawn on another bank?
The answer is yes, especially if that customer's collected balance is less than the amount of the foreign check being deposited.
Posted on 7/27/20 at 10:38 am to KiwiHead
There are several reasons they can hold checks. New accounts, if the accounts have previously been overdrawn, amounts in excess of $5,000. Cashier’s checks or certified checks are better in this instance. Also, you note they would be available on Saturday, but Saturday’s are not business days, even if banks have branches that are open on Saturday.
Posted on 7/27/20 at 10:49 am to KiwiHead
A quick call to your banker should allow the held checks to clear.
If I am in your shoes then going forward I would require direct deposit or have the employees set up with pay cards. A lot of businesses don't even allow paper payroll checks anymore.
Also, if you are ever in a situation where your employees or vendors need money immediately, wire it.
If I am in your shoes then going forward I would require direct deposit or have the employees set up with pay cards. A lot of businesses don't even allow paper payroll checks anymore.
Also, if you are ever in a situation where your employees or vendors need money immediately, wire it.
Posted on 7/27/20 at 11:19 am to KiwiHead
Not uncommon for banks to place a hold on deposited checks, especially as ole miss stated if it's over certain amount or more than what's in the account.
I deposit checks >10k regularly and get notices all the time that may funds may not be available for 10 business days.
I've never seen it personally take the 10 days. Usually 1-3 business days at most for me.
With that said, in your situation, it hasn't even been 1 business day. You can probably clear this up with a couple of phone calls to your bank. Usually someone can override and release the funds sooner if needed. S
I deposit checks >10k regularly and get notices all the time that may funds may not be available for 10 business days.
I've never seen it personally take the 10 days. Usually 1-3 business days at most for me.
With that said, in your situation, it hasn't even been 1 business day. You can probably clear this up with a couple of phone calls to your bank. Usually someone can override and release the funds sooner if needed. S
This post was edited on 7/27/20 at 11:21 am
Posted on 7/27/20 at 1:26 pm to KiwiHead
Lot of good suggestions here, but I'm wondering why so many of your employees are still getting payroll checks.
I can understand employees who don't have checking accounts, getting payroll checks and cashing them at your bank, but that's not the case here.
You seem like you really want to help your employees (which is great!), maybe this is an area where you can help them by encouraging them to get direct deposit, or by helping them figure out any obstacles to it?
I can understand employees who don't have checking accounts, getting payroll checks and cashing them at your bank, but that's not the case here.
You seem like you really want to help your employees (which is great!), maybe this is an area where you can help them by encouraging them to get direct deposit, or by helping them figure out any obstacles to it?
Posted on 7/27/20 at 8:05 pm to KiwiHead
quote:
I don't bank with Regions so I don't know their policy.
Do you have a good relationship / point of contact with your bank? They can help make this a non issue.
Posted on 7/28/20 at 6:35 am to KiwiHead
From the confessions of a Crapital One mobile depositor. They such last week I deposited a small check because I wouldn’t make to the ATM on time. Unfortunately, my check wasn’t clear enough and they rejected it. They did this while showing I had access to those funds right away. A day later they rejected the check and overdrafted me because I had a withdrawal the next day. I had to call to find out what happened, and they told me to redeposit the check at an ATM. They even said that your rejection would be mailed to you. Mailed, that could take 7 to 10 business days. An email alert would me more sufficient. No wonder they are closing branches and losing customers.
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