Daniel
Indianapolis,#2Consumer Comment
Sun, July 09, 2006
It is amazing to me that presumably educated opinionates can bring such fallacious arguments to the table. When I write a check to a business, that business deposits the check into its bank - at which time the funds are paid to the business upon verification of the funds being released from my account. Banks have NO qualms about immediately withdrawing money from your account. But when it comes to deposits (posting of direct deposits, availability of check or even CASH deposits), banks seem to think that they have an inherent right to hold your money until it suits them. Honestly, the only immediate solution to the release of YOUR money is to take your complaint directly to the top. If a bank is faced with the prospect of losing your $100,000 bank account, they will think twice about jacking around with your money - regardless of any returned checks in the past. This is the trump card I used in dealing with my credit union - which saw fit to attempt to place a 14 day hold on a $4,800 deposit from a cashier's check from BANK OF AMERICA. I told the CU that unless they released my funds IMMEDIATELY, I would pay off the small motorcycle loan that I had with their institution - and subsequently take my business (and direct deposits...and IRA) to a rival CU. Their response? Release the funds. The only language that banks understand deals in legal tender...period. With all the banking choices available, they need you far more than you will ever need them. Alert them to that fact, and you will find that their indignation for your needs will give way to need to not lose money.
Daphne
Wachovia,#3Consumer Suggestion
Sat, July 08, 2006
By signing the signature card, you are saying you agree to use the account under the terms and conditions the bank has set in the Depositor's Agreement. Yes, that includes your deposits being placed on hold up to 11 business days if they are over $5,000, your account history has multiple NSF's, and/or it is a non-local check. All of these factors play a part into if a check is placed on hold and if so for how long, which is why they gave you multiple explanations. The bank is not making interest off your check by placing it on hold. YOU ARE. The deposit posted either that same day or the next, you just can't use it because it is on hold. Since it is posted into the account, it is in the posted balance and is earning interest. Sorry to say, all your frustration could have been avoided if you had taken the time to review the depositor's agreement and schedule of fees from the bank...
Michelle
Roanoke,#4Consumer Comment
Mon, July 03, 2006
william, gotten some great responses back to your report and REG cc is the best and correct answer..the system automatically puts a hold on the funds based on your account history, amt of check and , local non local...your right it prob never takes 14days to collect from the bank the check was drawn own, however the computer/system has no way of knowing that... Its simply a system generated hold...it has nothing to do with the manager, teller or wachovia..it is a legimate procedure that we can follow....and we do...always....they referd you bank to bank one possible because of the privacy act, and more and more banks arent able to release info to other banks...w/o you being on the line or the person/owner of the acct.... What i suggest doing is to give it about 5 business days...dont include weekends....and call wachovia back, ask them it they can call to verify funds with you on the line....it is poss to release the hold on our end once we can verify that it has cleared the issing bank....
Stile
Phoenix,#5UPDATE EX-employee responds
Mon, July 03, 2006
Regulation CC governs how checks and other items are to be handled when deposited into a customer's account. Checks are divided into local and non-local items. A local check is drawn on a bank within the same region, a non-local check is drawn from outside that region. It sounds like your check is non-local which automatically makes it eligible for a 5 business day hold. This is the reason your mother's check cleared faster, because for her it was a local item. For you, it isn't. Now, because of the amount of the check, it is also subject to what is called an exception hold. Any item over $5000 is considered a large deposit, and is subject to an additional hold time, typically 6 additional business days on a large non-local item (a total of 11 business days, which will explain the 14 calendar days in your post). Now, if the check is over $5000, then the bank *MUST* make the first $5000 available to you immediately. If they haven't done so, you need to contact the bank right away and demand that they release the first $5000. If they refuse to, send a letter to the Office of Comptroller of Currency, and cc your bank's Office of the Chairman, and your state's banking regulatory division. You also mentioned that they stated there was an issue because your account was overdrawn in the past. This is only a legitimate reason to extend the hold if your account has had a negative balance for 6 or more banking days in the previous 6 months (or 2 days, if the overdraft was more than $5K). One last point that's a bit of a nit-pick for me. The bank isn't holding these funds to collect interest. Banks don't collect interest, banks pay interest. The only thing the bank could theoretically do with your money to earn revenue on it would be to loan it out. But they're not going to earn anything on it in 11 business days. They're not holding it to be greedy or capricious; they're holding it because they're required to. My condolences on your father's passing.
Cory
San Antonio,#6Consumer Comment
Mon, July 03, 2006
All I can say is bank one is/was, in my opinion, one of the worst banks there are. Chase, who bought them, run a close second. Had a wells fargo check for $80,000 in my business. It took 14 business days to collect on. Almost 3 weeks earth time. On most banks, their signs say it may take up to 14 days.