2007-01-20 02:09:53 · 7 answers · asked by Moneek B 1 in Business & Finance ➔ Investing
If you are in the USA then yes. howver there are federal regulations covering the availability of funds deposited by check. Each bank must state its policies clearly. If they deviate from their stated policy they must tell you that they are doing so. Did they do that or did they merely apply their standard policy? If it is the latter, you are out of luck. If it is the former, they have to make things right. I suggest you ask questions to find out which it is.
2007-01-20 02:21:04 · answer #1 · answered by skip 6 · 0⤊ 0⤋
Absolutely. The bank can place up to an 11-day hold on a large deposit for various reasons: the large balance, check from out of the region, new account, questionable/altered check, etc. When that deposit is placed on hold, that means IT IS NOT AVAILABLE TO SPEND. This gives the bank and the Federal Reserve time to process the deposit and insure that the funds are good. If you spend off money that's technically not there, then you are up the creek.
2007-01-20 10:17:41 · answer #2 · answered by bebedejuin 2 · 0⤊ 0⤋
My bank will hold a check, such as when my BF cashed his check via my account ($2500), they held it until it cleared, also, I have the best bank ever, Bank of the West. I totally screwed up and forgot about a check I had written for over $300.00 and it bounced, they paid it and all the others that came in. I got charged, however nothing was sent back to the vendor, even when a check went through when I was over $200.00 overdrawn.
2007-01-20 11:12:06 · answer #3 · answered by Adrian 1 · 0⤊ 0⤋
Read the congtract you signed when you opened your account. I bit it says something about deposits not being available until the check clears. The bank can do anything you agreed to allow them to when you signed the agreement, even if you didn't read it.
2007-01-20 11:25:51 · answer #4 · answered by Faeldaz M 4 · 0⤊ 0⤋
Your question isn't clear, elaborate....Banks usually don't place holds on deposits, unless the deposits are of cashier's/bank checks from overseas as well as checks from local banks. However, they can stop payment on a check or a debit if you request your bank to do so.
2007-01-20 10:15:58 · answer #5 · answered by Muga Wa Kabbz 5 · 0⤊ 0⤋
Yes. Because they are greedy and love to charge you for overdrafts and uncollected funds fees. You should change banks. Get one that will allow you a pin money or overdraft protection
2007-01-20 10:21:06 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You betcha.
especially if you owe them money - they won't let loose their security///I mean, Your Money!
2007-01-20 10:15:36 · answer #7 · answered by smiling_freds_biz_info 6 · 1⤊ 0⤋