I have an account at Bank of America and I deposited $200 in cash yesterday. Guess what. I only have access to $100 of it for 5 business days. Does that make any sense whatsoever?? It's CASH!! That's like going to Wal-Mart and paying for your merchandise and the cashier says, "Okay. Come back in five days and you can pick up your stuff."
I'm so fed up with Bank of America. They are the stupidest bank around. I've never had this problem anywhere else. I don't get it. Does anybody know what their deal is??
2007-02-11 05:18:20 · 10 answers · asked by chad h 3 in Business & Finance ➔ Corporations
Here's something else that doesn't make sense. If I deposit a check at the teller, there's an automatic 5-day hold on it, no matter what. However, if I deposit it in the ATM, I have access to the entire amount the very next day. I don't like to put cash in the ATM though because there's no proof about how much you put in the envelope.
2007-02-11 05:50:31 · update #1
As odd as it sounds, banks do place holds on cash. It is due to concerns of counterfeiting and money laundering. Since the Patriot Act, this is more prevalent. But I don't understand the five days, particularly for such a small amount.
Addendum: I'm seeing a lot of responses here that suggest that this is simply a matter of bank policy. While it is up to each bank to determine the specific manner of compliance, this is based on federal regulatory requirements outlined in the Patriot Act.
2007-02-11 05:26:51 · answer #1 · answered by Rob D 5 · 1⤊ 0⤋
Wow you're not the first person I've heard complain about BoA. Anyway, it is possible to put holds on cash, but you may want to get clarification at the same branch you made the deposit. Speak to an officer or manager, usually holds on cash are manually placed. If it was manual, that means an actual person made the decision to do it. If it was not manual, then it must be some kind of policy or procedure. Before you go, check your account and see if it was overdrawn before you made that deposit. And also understand...banks do check for counterfeits.
2007-02-11 08:44:15 · answer #2 · answered by dpkmissy 3 · 0⤊ 0⤋
I belong to a credit union and that is there policy also. Money is money I got real upset when I found that out also.. A new one happened to me the other day. I payed off a credit card and because if the patriot act I cant use that card again for a week even though it is payed off, they said its a security issue.
2007-02-11 05:23:50 · answer #3 · answered by stefani h 4 · 0⤊ 0⤋
If the cash was deposited into an ATM machine the machine does not differentiate between cash and checks.
2007-02-11 05:27:00 · answer #4 · answered by Hamish 7 · 0⤊ 1⤋
Undoubtedly they have a default operating procedure of restricting access to any deposits for five days. Have you asked them to waive that? Did they refuse?
2007-02-11 05:23:51 · answer #5 · answered by SDD 7 · 0⤊ 0⤋
Change Banks, nowadays they all have their own set rules on
everything. Every bank is a little bit different, but basically the same.
2007-02-11 05:28:17 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Never heard of such a thing! I'd be ticked too!
Did you ask them? Were you overdrawn? (Do they think the money's fake?? That's the only thing I can think of - and it's a stretch!!)
Open an account somewhere else!
Best of luck!
2007-02-11 05:23:15 · answer #7 · answered by tigglys 6 · 0⤊ 0⤋
Oh my god... oh my... GOD. I thought my Wachovia bank sucked. Well, you just made my day. At least the idiots at Wachovia know that money has value. That's about all they know. You sometimes have to convince them, but they get the idea. Eventually.
2007-02-11 05:36:35 · answer #8 · answered by Kilroy 4 · 1⤊ 0⤋
Get out of that bank. Don't go to TCF either they really suck. Best one is Chase
2007-02-11 05:27:02 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Holy crap that is stupid!!!
I would switch banks ASAP!!
2007-02-11 07:25:30 · answer #10 · answered by ? 6 · 0⤊ 0⤋