Yesterday I had a rather large check to deposit in my bank account. The bank said they were putting a two day hold on the check. I had deposited other checks that large before and never had a problem. I went to talk to the bank manager and they said that they had a new policy that they are putting a hold on checks over a certain amount. They said they can also base the hold on your average daily balance. It is only for two days but it was still aggravating. Do all banks do this now?
My bank puts a hold on ALL checks, including those for like $30. I think it's BS. Banks have so many stupid policies and fees its hard to keep them all straight.
Most banks will put a hold on checks that exceed the thousand dollar mark. Especially if your account doesn't normally pass checks that large, it's from out of state or you don't have the money or money in the account. Did they not even allow you to have the first $100? Your bank shouldn't be holding $30 checks, hunysukle. You should talk to them about that. Maybe you need to change the account that you have.
My bank is pretty good about it. It may take a day to become available, but they said that they can now run it through the system and know right away if it is going to be good or not. I have cashed a check drawn on a different bank for more money then I had in my account. They scanned it through the computer and it let them cash it. It does depend on the bank. When I was with PNC they used to tell me it could take up to 9 days to clear - that bank was a headache! Now I have to note that I have not deposited any rather large checks besides ones from the IRS which the IRS checks clear the same day.
My bank puts holds on checks larger than $300. It shows as a deposit on the statement of whatever the amount is (e.g $500) and it will say available credit $300, pending credit $200. Depending on the day it was deposited you can still use the extra amount over the $300 to cover your payments and usage the next day so long as its a weekday. If you deposit on a Friday the $200 won't clear til Monday so anything charged over the weekend will be counted as a payment with insufficient funds. If you deposit on a Wednesday it will cover you because the 2 days of processing will still be considered as weekdays so the bank will allow you to use it. I have Bank of America - they are thieves but this has always been the situation with them and checks.
Yes, I think that's normal especially for larger deposits. If I have a small check for under $100 or something the funds are available right away, however if I had a deposit for $3,000. I know the bank is going to hold most if not all the funds. This is normal.
My bank does this and what they do as well is they immediately clear $100 from the check, so if you need some money in case of an emergency then $100 is readily available.
Yep, more than $1000 for me. This is understandable, as they need to make sure everything is legal and accounted for. Without holds, too much problems would occur in the cheque depositing process!
Banks do this to protect themselves against losses, especially if you don't have the funds in your account to cover the check if it comes back insufficient funds. Be thankful that its only for a couple of days rather than the 10 to 15 day hold banks used to have to put on larger deposits before the Check 21 law made it possible to clear them electronically. Yeah, it sucks, but at the end of the day, it really protects you.
Yep, that sounds pretty standard to me. If you get them regularly from the same person, then they may not always put a hold on them. Some will even put a hold up to 5 days on them, though, so 2 days isn't too bad. It sucks if you need the money *right now* but you've gotta understand that banks are businesses who have to protect themselves and some people try to scam them regularly.
