Scratch Pad Answer
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I agree with snickleb that is the reason. |
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mmmccnn
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they make sure the check isn't counterfeit and that there is enough money in the persons bank account to pay. |
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ARTmom
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If it is a larger sum of money or from an odd source etc then they hold the check-or in other words, don't credit your account with the money-till they get it in their coffers-so they don't loose out if its bad. They give it to you when they get it- |
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Ginnykitty
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some banks do this and you can overdraw while you are waiting by accident. I hate it when banks do that. |
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Kim
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Banks holds checks for varies of reasons. The number one reasons is for profit. Because even when they hold a check for 3-7 days and it's made avab to you. It can come back as a returned check. Because the process takes 2-3 weeks to see if a check is legitimate. |
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Vanessa W
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i think that the bank has to receive confirmation that a check has cleared in some cases, and in other cases some situations warrant this action of holding checks due to safety and/ or security concerns |
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skittle_goddess_2525
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they make alot of interest on that "check being held" now think, they "give" you free checking, but they have to make $$ somewhere. this is where. now picture millions of people having their check "held" for 3 to 7 days,....imagine the interest from that. |
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sexyshanti3
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bcause, they have to avitivate everthing. |
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angala c
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the reasons some banks hold onto your cheques longer than others is simple. they earn interest on this while in their hands. They are not honest, they are a business and as a business it is out to make as much money anyway and anyhow they can. Just remember you are a number not a person most of the tie you are unable to talk to a person from your own country. Let alone somebody that can help as (this is not their department). Hope this helps about the blood suckers |
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googie
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If Genius Asks, then Genius should know!! Which banks hold and for how long? What checks are being held ? Those issued by you, paychecks or customer checks.? Once a check clears the issuing bank there should be no problem. It is the check that has to be matched against available funds which may be held up. If the checking account balance is close to minimum it may be held up to insure there are adequate funds to cover. |
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bLACK rAGE
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If you don't have a history of depositing checks on a consistent basis, of equal value to the check that they are holding, They basically don't trust that the check is legitimate. |
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beanweed5150
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There are so many different banks in this country that it takes a long time to send the check back to the original branch that the checking account is held at. First it must go to the clearing house nearest to the branch it was cashed at. Then it goes to the clearing house closest to the bank the checking account was opened at. Then on to the original branch. Since most banks are still in the stone age and use the United States postal service to send the checks all of this takes weeks to make sure the money is the account the check was written from. |
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