Ontheinside
Utica,#2UPDATE Employee
Fri, July 25, 2008
It is most likely that the bank did act within reason and by regulation by placing this hold. Any check has the potential to be placed on hold for up to eleven (11) business days unless it is the type of item that allows "next day availability" such as USPS money orders and checks written off the Federal Reserve Bank. Although, even these types of items are not garaunteed under certain circumstances. You may want to look into Federal Regulation CC at the following link: http://www.bankersonline.com/regs/229/229.html. Its a bit wordy with legal terms and clauses, but will give you a good idea of government regulated policy when it comes to check and cash deposits. Basically, a bank needs to inform you of a hold when the check is deposited (usually on your deposit receipt) or that a hold may be applied (usually by a sign or other notice) at the time you make the deposit. There are some exceptions to this rule, such as ATM deposits, where you are informed by mail (usually 2-3 business days after the deposit is made) or in fraud cases. In a case where the bank is in violation of Regulation CC you ARE entitled to have any fees, finance charges (overdraft protection), etc. refunded to you account, just be sure that your in the right before you give a customer service representaive a headache- remember they are people too :) Another helpful link found right on Bank of America's website: http://feesandprocesses.bankofamerica.com/index.aspx?bhcp=1#/holds/holdsvideo/ You can also refer to your Personal Schedule of Fees/Depositor Agreement/Account Disclosure for this information. Those can be ordered over the phone, at a branch, or you can view as a PDF file on Bank of America's website. I am sorry to hear about that situation, and you aren't alone. It is something that happens quite regularly, but certainly is not the bank's personal vendetta against you. Knowledge is power- be aware and know your rights!
Ontheinside
Utica,#3UPDATE Employee
Fri, July 25, 2008
It is most likely that the bank did act within reason and by regulation by placing this hold. Any check has the potential to be placed on hold for up to eleven (11) business days unless it is the type of item that allows "next day availability" such as USPS money orders and checks written off the Federal Reserve Bank. Although, even these types of items are not garaunteed under certain circumstances. You may want to look into Federal Regulation CC at the following link: http://www.bankersonline.com/regs/229/229.html. Its a bit wordy with legal terms and clauses, but will give you a good idea of government regulated policy when it comes to check and cash deposits. Basically, a bank needs to inform you of a hold when the check is deposited (usually on your deposit receipt) or that a hold may be applied (usually by a sign or other notice) at the time you make the deposit. There are some exceptions to this rule, such as ATM deposits, where you are informed by mail (usually 2-3 business days after the deposit is made) or in fraud cases. In a case where the bank is in violation of Regulation CC you ARE entitled to have any fees, finance charges (overdraft protection), etc. refunded to you account, just be sure that your in the right before you give a customer service representaive a headache- remember they are people too :) Another helpful link found right on Bank of America's website: http://feesandprocesses.bankofamerica.com/index.aspx?bhcp=1#/holds/holdsvideo/ You can also refer to your Personal Schedule of Fees/Depositor Agreement/Account Disclosure for this information. Those can be ordered over the phone, at a branch, or you can view as a PDF file on Bank of America's website. I am sorry to hear about that situation, and you aren't alone. It is something that happens quite regularly, but certainly is not the bank's personal vendetta against you. Knowledge is power- be aware and know your rights!
Ontheinside
Utica,#4UPDATE Employee
Fri, July 25, 2008
It is most likely that the bank did act within reason and by regulation by placing this hold. Any check has the potential to be placed on hold for up to eleven (11) business days unless it is the type of item that allows "next day availability" such as USPS money orders and checks written off the Federal Reserve Bank. Although, even these types of items are not garaunteed under certain circumstances. You may want to look into Federal Regulation CC at the following link: http://www.bankersonline.com/regs/229/229.html. Its a bit wordy with legal terms and clauses, but will give you a good idea of government regulated policy when it comes to check and cash deposits. Basically, a bank needs to inform you of a hold when the check is deposited (usually on your deposit receipt) or that a hold may be applied (usually by a sign or other notice) at the time you make the deposit. There are some exceptions to this rule, such as ATM deposits, where you are informed by mail (usually 2-3 business days after the deposit is made) or in fraud cases. In a case where the bank is in violation of Regulation CC you ARE entitled to have any fees, finance charges (overdraft protection), etc. refunded to you account, just be sure that your in the right before you give a customer service representaive a headache- remember they are people too :) Another helpful link found right on Bank of America's website: http://feesandprocesses.bankofamerica.com/index.aspx?bhcp=1#/holds/holdsvideo/ You can also refer to your Personal Schedule of Fees/Depositor Agreement/Account Disclosure for this information. Those can be ordered over the phone, at a branch, or you can view as a PDF file on Bank of America's website. I am sorry to hear about that situation, and you aren't alone. It is something that happens quite regularly, but certainly is not the bank's personal vendetta against you. Knowledge is power- be aware and know your rights!
Ontheinside
Utica,#5UPDATE Employee
Fri, July 25, 2008
It is most likely that the bank did act within reason and by regulation by placing this hold. Any check has the potential to be placed on hold for up to eleven (11) business days unless it is the type of item that allows "next day availability" such as USPS money orders and checks written off the Federal Reserve Bank. Although, even these types of items are not garaunteed under certain circumstances. You may want to look into Federal Regulation CC at the following link: http://www.bankersonline.com/regs/229/229.html. Its a bit wordy with legal terms and clauses, but will give you a good idea of government regulated policy when it comes to check and cash deposits. Basically, a bank needs to inform you of a hold when the check is deposited (usually on your deposit receipt) or that a hold may be applied (usually by a sign or other notice) at the time you make the deposit. There are some exceptions to this rule, such as ATM deposits, where you are informed by mail (usually 2-3 business days after the deposit is made) or in fraud cases. In a case where the bank is in violation of Regulation CC you ARE entitled to have any fees, finance charges (overdraft protection), etc. refunded to you account, just be sure that your in the right before you give a customer service representaive a headache- remember they are people too :) Another helpful link found right on Bank of America's website: http://feesandprocesses.bankofamerica.com/index.aspx?bhcp=1#/holds/holdsvideo/ You can also refer to your Personal Schedule of Fees/Depositor Agreement/Account Disclosure for this information. Those can be ordered over the phone, at a branch, or you can view as a PDF file on Bank of America's website. I am sorry to hear about that situation, and you aren't alone. It is something that happens quite regularly, but certainly is not the bank's personal vendetta against you. Knowledge is power- be aware and know your rights!
Ken
Randolph,#6Consumer Comment
Thu, July 24, 2008
The financial services industry is currently being flooded with phony bank checks, which are part of bogus lottery winnings scams. When these items are deposited, they are getting the full hold on them, which by law is 5 days. (unless special circumstances allow more). You deposited on the 16th, the hold is 5 business days, it comes off on the 22nd. They didn't do anything improper, although they could have done a better job of alerting you to the hold.