and the desk clerck said the check will be blocked 5 days. Why is it so? Is it because the amount was more consequent than usual? What is the rule?
PS: In case it is very obvious to everyone but me...I'm from Europe and as far as I know it's automatic, no waiting time.
Thanks!
2006-06-17 05:10:16 · 9 answers · asked by Mana 5 in Local Businesses ➔ United States ➔ Other - US Local Businesses
So, I went at my branch, put it in an envelope and in the ATM and in less than 48 hours the money was available.
2006-06-17 05:14:58 · update #1
the standard is one business day for local/well known checks and 3-5 days for out of state checks; of course the availability is pending upon verification of the funds; if the bank cannot verify the funds your check could be on hold for a while and eventually get returned to you; but i seriously doubt that a five day hold is the standard @ any bank unless it is a first deposit on a new acct---it is also never a standard to have that check instantly available to you, however, if you know the people @ your bank very well, they can use their discretion to make that exception for you.
2006-06-17 05:18:08 · answer #1 · answered by eric t 1 · 1⤊ 1⤋
They are breaking Federal Laws by blocking your check. They make money by doing that. Federal Laws were passed in the late 80's stopping this. There have been other laws passed since to reinforce the first law. The latest law (less than a year old) requires all checks to be processed and deposited or paid within 24 hrs.
All banking activities are done Electronically and that check can be checked within seconds no matter what branch you deposit it in.
Most people are not aware of the Laws so the banks continue to do this little stunt.
Contact your State Attorney General's Office and File a Complaint.
2006-06-17 20:07:56 · answer #2 · answered by Anonymous · 1⤊ 0⤋
It is not uncommon here in the States for a bank to withhold the funds when a check is deposited that is issued on another bank. Some banks will give you a percentage of the deposit to use and hold the balance until the check clears.
2006-06-17 12:16:00 · answer #3 · answered by darldm1 2 · 1⤊ 0⤋
How long funds are witheld has to do with where the check is from. Using a different branch of your bank would make no difference. State and federal regulations dictate how soon banks must make the money available to you.
2006-06-17 12:14:55 · answer #4 · answered by Anonymous · 1⤊ 0⤋
If it was a personal check then yes, it will take about 3-7 days for it to clear in your bank, but if it is a paycheck then you should be able to withdraw the money in 24 hours.
2006-06-17 12:14:59 · answer #5 · answered by knifelvr 4 · 1⤊ 0⤋
The waiting period is to give the check time to clear. If the branch allows you to withdraw the money immediately and the check does not clear, they are out the funds.
2006-06-17 12:16:30 · answer #6 · answered by besoseda 3 · 1⤊ 0⤋
Its pretty standard for banks to hold checks, especially if they don't see that same check on a regular basis. If it was your branch, they usually allow it because you regularly deposit money from that person.
2006-06-17 12:15:28 · answer #7 · answered by jamn5684 2 · 1⤊ 0⤋
a lot of banks will put a hold on checks if they are from out of town, or they are for large amounts. It is normal for that to happen.
2006-06-17 12:15:36 · answer #8 · answered by toddlr70 2 · 1⤊ 0⤋
the reason is they can. most checks clear over night. but if a check is over the norm for your account they MAY hold it for up tp 30 days. not a rule but policy in many banks.
2006-06-17 12:28:00 · answer #9 · answered by pasdubil@verizon.net 1 · 1⤊ 0⤋