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Started By
Message
Banks holding funds for a week is BS.
Posted on 10/20/21 at 10:08 am
Posted on 10/20/21 at 10:08 am
I had serious damage to my house from Ida, for the last 7 weeks I have been dealing with banks, adjusters, contractors, subs, insurance companies, mortgage companies, vendors, electricians, plumbers, roofers, an endless parade. Of all these people the worst, greediest bastards are the banks. I get a $40k from insurance to pay contractor, deposit it in my bank and they tell me I can't use the funds for 7 business days to give time for it to clear. I know damn well they have the money a lot sooner than that, so I went over yesterday and got them to release funds.
I don't know shite about banking, but it seems to me they just see a way to keep some interest free money for a while.
I don't know shite about banking, but it seems to me they just see a way to keep some interest free money for a while.
14
Posted on 10/20/21 at 10:10 am to andouille
They put a hold on the money and release it in stages as a hedge against fraud such as stopping payment on a check.
Anyone making a large deposit at a bank where the deposited check is from another institution has to deal with this. Happens every time I sell a house.
Anyone making a large deposit at a bank where the deposited check is from another institution has to deal with this. Happens every time I sell a house.
Posted on 10/20/21 at 10:10 am to andouille
quote:
I get a $40k from insurance to pay contractor, deposit it in my bank and they tell me I can't use the funds for 7 business days to give time for it to clear. I know damn well they have the money a lot sooner than that, so I went over yesterday and got them to release funds.
It's almost like bank fraud isn't a huge deal or anything. Surely they should check $40k checks from just anyone who normally don't make deposits of that amount.
Posted on 10/20/21 at 10:11 am to andouille
Tell me you bank with Capital 1 without telling
Me you bank at Capital 1
Me you bank at Capital 1
Posted on 10/20/21 at 10:12 am to andouille
The reason they hold the funds is to prevent transaction losses. It can take up to 7 business days for a check to clear from another institution, and I've seen checks that had a 9 day hold placed on them get returned. If the hold would have dropped earlier, the customer would have spent the funds, and when the check would be returned, the customer's account would be overdrawn.
Posted on 10/20/21 at 10:12 am to andouille
I completely understand your frustration but you would be amazed at the frequency and boldness of those committing bank fraud. It is rampant.
Posted on 10/20/21 at 10:13 am to andouille
quote:
Of all these people the worst, greediest bastards are the banks.
Posted on 10/20/21 at 10:14 am to teke184
quote:
Anyone making a large deposit at a bank where the deposited check is from another institution has to deal with this. Happens every time I sell a house.
That's we rather do wire transfers
Posted on 10/20/21 at 10:15 am to andouille
Why ar you having to "deal" with your mortgage company? Pay for your shite.
Posted on 10/20/21 at 10:31 am to andouille
I got a check made out to me and my mortgage company. Had to send the check off to Arizona on my nickle to let them endorse it (took 4 days to sign a fricking check) and send it back to me. I go on google maps to see where I'm sending it to, and notice my insurance company is located next door to my mortgage company! They could have walked that shite over, let them sign and send it back.
Posted on 10/20/21 at 10:31 am to andouille
quote:
I don't know shite about banking, but it seems to me they just see a way to keep some interest free money for a while.
Nope Reg CC. Federal policy in place to protect the banks and customers, specifically from fraud
Fun fact: a fraudulent, forged check can be disputed and reversed up to 3 years. It's in the banks interest, and yours, to follow due diligence to insure everything is good.
Posted on 10/20/21 at 10:33 am to CHEDBALLZ
quote:
I got a check made out to me and my mortgage company. Had to send the check off to Arizona on my nickle to let them endorse it (took 4 days to sign a fricking check) and send it back to me. I go on google maps to see where I'm sending it to, and notice my insurance company is located next door to my mortgage company! They could have walked that shite over, let them sign and send it back.
Yep, this is one of the reasons I ensured my mortgage wouldn't be sold so I can deal with someone local for insurance.
Posted on 10/20/21 at 10:50 am to andouille
quote:
a way to keep some interest free money for a while.
Ah now see thats where you are wrong! The bank makes interest off of held money like that so yeah they are all about "deposit holds" like that.
Posted on 10/20/21 at 10:52 am to LSU6262
I got a $48k flood insurance check a couple years ago and Bank of America wanted me to endorse it and overnight it to them in California then they would endorse it and send it back to me.....I asked them how long would that take.....they said they would have it back to me in a 7-10 days.......I said no fricking way am I waiting on you to endorse the check and send it back.....they would have never had that quick of a turnaround......
I drove to Pensacola, that was the nearest Bank of America branch, had the manager endorse the check......drove across the street and deposited into my Hancock/Whitney account.
I drove to Pensacola, that was the nearest Bank of America branch, had the manager endorse the check......drove across the street and deposited into my Hancock/Whitney account.
Posted on 10/20/21 at 10:55 am to andouille
quote:
but it seems to me they just see a way to keep some interest free money for a while.
Yep. My m-i-l passed away. She had a 100 grand CD in her name with Chase Bank. My wife's name was also on the CD. Long story short, it took over six months, two letters and three phone calls from the lawyer before Chase released the money to my wife. I wonder how much Chase collected by holding on to that money for an extra six months?
Posted on 10/20/21 at 10:59 am to Homesick Tiger
$3.50
And that's probably pretty close in reality for a CD.
And that's probably pretty close in reality for a CD.
Posted on 10/20/21 at 11:04 am to andouille
Cue the "Jews did this" gif
Posted on 10/20/21 at 11:05 am to led robster
quote:
$3.50
And that's probably pretty close in reality for a CD.
That's probably pretty close to what the CD would have paid her but I guarantee you the bank made more than that off the interest they were charging that the 100 grand was covering.
Posted on 10/20/21 at 12:59 pm to Homesick Tiger
quote:
My m-i-l passed away. She had a 100 grand CD in her name with Chase Bank. My wife's name was also on the CD. Long story short, it took over six months, two letters and three phone calls from the lawyer before Chase released the money to my wife. I wonder how much Chase collected by holding on to that money for an extra six months?
Once her death was reported, Chase is reasonable to ensure the funds are disbursed to the heirs correctly. Probably took 6 months for the attorney to complete the succession/probate and provide the documents
This post was edited on 10/20/21 at 1:00 pm
Posted on 10/20/21 at 1:16 pm to andouille
quote:
I don't know shite about banking, but it seems to me they just see a way to keep some interest free money for a while.
They don't just keep it.
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