About a month and a half ago I purchased dinner at IHOP with my checking acct check card. The transaction went on hold as is normal and eventually went off hold and I waited for them to take their money. After a month and a half, the money is still available in my account with no holds showing for this transaction. I want to close this account as I found a better one but I am afraid to since this transaction still has yet to clear. Does anyone know if there is a limit to how long a vendor can take before they can no longer legally take the money they owe? Should I keep the acct open?
2007-04-16 09:09:02 · 3 answers · asked by Amanda P 1 in Business & Finance ➔ Personal Finance
12 months but some banks have a lower limit. Ask, you bank what you should do and get that info in writing if you decide to close your account from their advice.
2007-04-18 04:07:34 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Unfortunately some vendors hold checks for much longer than 6 weeks. I still have some outstanding since January this year. I suggest, opening the new account, but leave enough to cover the outstanding amount. Otherwise, it will be a bounced check.
2007-04-16 16:39:08 · answer #2 · answered by Jan C 7 · 0⤊ 1⤋
Call your bank and ask someone there. Each financial institution has different regulations.
2007-04-16 16:17:35 · answer #3 · answered by Blue 6 · 1⤊ 0⤋