I notice at WaMu they scan checks right when you deposit them. I'm sure this helps when it comes to processing them, but I was wondering if they also kept account information from checks in their own database so that they could have a better idea if they could release the funds to you sooner or later. For example, if you deposit a check from an account that never bounces at WaMu, maybe when they scan the check, you have a good chance of the funds being immediately available? Or the converse: if you try to deposit a check from an account that always bounces, maybe they'll put a hold on the deposit regardless of your account standing?
2006-08-10 22:02:40 · 4 answers · asked by Tim S 2 in Business & Finance ➔ Personal Finance
Yes. WaMu like most banks scans checks into their system (as supposed to what?).
Speaking from experience at the company ...
Sometimes accounts in perfectly good standing will have holds on checks from an acct notorious for returned deposit items.
Likewise, the system may not hold a check drawn off a commonly deposited, unlikely to return check.
2006-08-18 18:35:29 · answer #1 · answered by Zach 2 · 0⤊ 0⤋
Finance laws changed a year ago regarding check writing.
Now businesses have software that immediately accesses the account on the check, if the check doesn't go through, it may be because there are inadequate funds to cover the check.
No longer can someone write a check on Thursday and they're getting paid on Friday to cover the amount. And it's considered fraud to write a check you know you don't have the funds in the account to cover the check. With deposits, most banks have a threshold, if the deposit amount is under that threshold, the money will be available sooner. Also if the check being deposited is from a local bank, it goes through quicker.
Banking transactions are being closed monitored. So keep things legal and affordable...
2006-08-11 09:50:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Individual banks normally have policies based on whether you have your salary Direct Deposited into the account. If you do, they may make funds from checks available immediately.
But the best way to find out - just ask WaMu.
2006-08-11 05:10:12 · answer #3 · answered by dryheatdave 6 · 0⤊ 0⤋
i cant comprehend with this question
2006-08-15 23:22:31 · answer #4 · answered by fourlines9 2 · 0⤊ 0⤋