Dana A
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They say it takes longer to clear, but in this day and age I'm not sure that is true. I think there was new legislation that decreased the amount of time they could put the funds on hold recently. I also think that there are ways to reduce the hold by calling the manager of the bank that the check was drawn on. I do think it is bothersome and excessive.
Good luck,
Dana |
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terribrooke
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I've never heard of putting a 2 week hold on an out of state check. Banks place a hold on the check to ensure that it is a good check. This is for your benefit as well as the bank's. If it's a bad check, you are responsible for paying that amount back to the bank and any fees that they may charge.
Your bank will process the check on their end. From there it gets sent to the closest Federal Reserve bank who will send it to the bank it is drawn on so that they can process it on their end. The whole process should only take 3-5 days. Keep in mind that holidays do tend to push this back by a day or two because banks are closed.
Calling the bank that it is drawn on, is not an option because in the 3-5 days that it takes for the other bank to recieve the check, the account holder could have closed the bank and your bank would still be out the money.
Eventually this process will be shortened, but for now, you just have to deal with it. |
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totalstressor
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Its not a bank rule its a regulation CC law by the federal government. Banks have to follow the rules by the government to be insured by the FDIC - etc..
Just like its not your rule for the passengers in your car to wear a seat belts, its the rule of the state and you have to enforce the rules in order not to get a ticket. |
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hg202102
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when depositing a check, they have to make sure it clears b4 giving you the money. if they give you the cash and the check bounces they get screwed and thats why they slap you with the "bounced check" fee. |
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LT
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It is a shame, but if the bank didn't do this, how may people would deposit a worthless check in the bank... write checks on it and disappear? Now who is going to cover the checks. It just to bad we can't trust anyone anymore. |
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stephenweinstein
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1. They do not know that it cannot be bad.
2. Sometimes, even checks from work are bad.
3. Not all banks do this.
4. Have your pay direct deposited, especially if it is from out of state. |
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cc's bad
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To make sure it clears to see if there is money in that account and to make sure it is valid |
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ariel8star
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They want to make sure it will clear, they have to make sure the money is there before you can spend it. there are alot of fraud out there, even though you could be at good standing the one who wrote the check might not be. And, some banks do this with income tax to depending on where you get your tax's done.
Did you hear of the new fraud's out there? You actually get a real check with a real account holder, but you have to send a small fee back to them once the check is cashed and then they drain every thing you have.
If people wouldnt be so ignorant, people like you wouldnt have to go through a waiting period. |
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planetnita
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I have 2 banks; one takes up to 15 days to credit my account and the other is 1-4 days, even for out-of-state personal checks. The first is where a direct deposit goes so I have to keep it for that. The second is Bank of America and I have to say I love their online interface and customer service. See if they have branches where you live - so easy! |
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2Cute2B4Got
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Two whole weeks? I heard of 3 days, but never 2 weeks. Call the manager. Last week I deposited my payroll check into ATM, I called when the credit did not show the next morning. The teller told me that the money would not credit until 3 days. The last time I brought my check straight to teller, the credit showed immediately. I talked to the manager and he said they do not check the atm until 2pm on the preceding day. He then checked my account and saw where I had the same deposit every two weeks, so he did me a favor and credited my check immediately.
All this to say, call the manager. |
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showentell
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This way the bank can make interest on the said check. Tell your bank that if it does clear that you want interest. |
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AM-NM centaur
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Because they can. They want to make sure the check is good. For a full description of the law, see Wikipedia (http://en.wikipedia.org/wiki/Expedited_Funds_Availability_Act ). |
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