Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

why would a bank put a hold on a bank check?

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » The DU Lounge Donate to DU
 
MissMillie Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 10:12 AM
Original message
why would a bank put a hold on a bank check?
I deposited a bank check, along w/ some cash, into my checking account today (actually, my son made the deposit for me). They did not tell him that there was a hold on the check, but when I check online, my account shows that the cash was deposited, but not the check.

I have a deposit slip, so yes, he did make the full deposit.

I get that personal checks need to clear, but a hold on a bank check?
Printer Friendly | Permalink |  | Top
grasswire Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 10:18 AM
Response to Original message
1. they'll do anything to keep your money a little longer
and if they're really lucky, a check will bounce in the interim so they can charge you a penalty! Whee!
Printer Friendly | Permalink |  | Top
 
MissMillie Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 10:23 AM
Response to Reply #1
4. nothing will bounce
but geez....
Printer Friendly | Permalink |  | Top
 
flvegan Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 10:20 AM
Response to Original message
2. Lots of banks (lenders) are tanking right now.
We get alerts every day not to take a check (for a closing) from this 'n that bank, but to only accept wired funds.
Printer Friendly | Permalink |  | Top
 
MissMillie Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 10:22 AM
Response to Reply #2
3. this was a withdrawal from my employee credit union
Literally, they would not have sent me the check if I didn't have the money to cover it.

And it's not even for that much money.

Printer Friendly | Permalink |  | Top
 
flvegan Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 10:23 AM
Response to Reply #3
6. Maybe the feds finally caught up with you.
Kidding. I'm sure it's procedural.
Printer Friendly | Permalink |  | Top
 
MissMillie Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 10:24 AM
Response to Reply #6
8. lol....
It's possible they have me confused w/ my twin sister. We have the same first name.
Printer Friendly | Permalink |  | Top
 
MrCoffee Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 10:23 AM
Response to Original message
5. did he deposit it in person, or through an ATM?
how much was the check for?

usually it's bank policy to place holds on large checks. unless you specifically point out to them that it's certified, they'll just place the hold as a matter of course. the teller has to override the automatic hold. at least, that's how it was at the bank i worked at.

Printer Friendly | Permalink |  | Top
 
MissMillie Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 10:24 AM
Response to Reply #5
7. in person
$150
Printer Friendly | Permalink |  | Top
 
MrCoffee Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 10:25 AM
Response to Reply #7
9. sorry, i didn't mean for you to post the specific amount...
that seems unreasonably low for them to put a hold on. if you need the $ immediately, you can probably go talk to the bank and get them to release the funds.
Printer Friendly | Permalink |  | Top
 
MissMillie Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 10:27 AM
Response to Reply #9
10. I don't think I *need* it right away
there's enough there to cover one outstanding check, as well as to put gas in my car. I'll get paid on Wed. and that will take care of the issue.

I guess I just wanted Chinese food for supper....
Printer Friendly | Permalink |  | Top
 
Midlodemocrat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 10:27 AM
Response to Original message
11. I think that the bank issues immediate credit for cash, but
checks won't show up until the system updates at midnight or thereabouts. That's the way my bank works. :shrug:

You should more than likely see the deposit first thing in the AM.
Printer Friendly | Permalink |  | Top
 
ghostsofgiants Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-19-07 10:47 AM
Response to Original message
12. My bank puts a 6 business day hold on all cheques including government cheques.
It's a piss off.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Sun Sep 21st 2014, 01:47 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » The DU Lounge Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC