Why is washington mutual taking so long to deposit my check?

Question

I opened a Washington Mutual account last week. I deposited a $4500 check from Citifinancial. The check itself is a personal loan check. They said it would take 7 days for it to fully go through and be available to me. I really need the money soon. I need to purchase a car ASAP! I really can't afford to wait 7 days. Is there anything I can do to speed the process up?

Answer 1

No, that 7 day hold is pretty normal. It's a new account and a large check. I'm surprised it isn't longer.

Answer 2

Instead of depositing a regular check from one bank in a new account at another, you should have either:

a) deposited it in an account that you already had and that had been open longer
b) opened an accont at Citifinancial and deposited it there
c) cashed the check instead of depositing it
d) had Citifinancial make the check payable to the place where you are buying the car so that you would not have to cash or deposit it
e) had Citifinancial give you cash instead of a check
f) had Citifinancial give you a "cashier's" or "certified" check
g) gotten the personal loan from Washington Mutual
h) had Citifinancial put the money directly into the Washington Mutual account by EFT, ACH, or wire transfer.