Banking question

[TallahasseeGrannie]

Any bankers there? I'm sorry this is a personal question, but maybe somebody else has been in this spot. When you give the bank a check over 10K (personal check from out of state) and they tell you it will not be available until December 6, do you have any recourse? It is a money market check and according to the bank will clear tomorrow or Wednesday but they say we can't write a check on the account until the 6th.

This is a new one on me.

I don't like banks.


TG

[caledesi]

1. Depends on the bank. I deposited a check for $5000 and it took

10 days to clear. FWIW.

[NMDemDist2]

2. a 3-10 day hold is normal, but I'd ask your branch manager to call

the issuing bank and verify the funds. the 6th seems a bit excessive

anything over 10K involves paperwork for them too, thanks to the Patriot Act :shrug:

[Roland99]

3. No specific advice but when I had my own business a few years ago...

I received a large check from a client and it was placed on a 10-day hold.

I think it's rather SOP.

[ixion]

4. you could go to the bank on which the cheque is drawn and have a

cashier's cheque made up. That would allow the bank in which you're depositing the money to release it immediately.

hope this helps, grannie. :hi:

[KharmaTrain]

5. Great Suggestion

I'd call the issuing bank and ask how they'd best handle this transaction...they may have a branch or some sort of affiliated relationship with a bank near you.

[Coexist]

6. this happens with my hubby's bonuses - go inside the bank

and speak the the branch manager. They can make the funds available if your account is in good standing. I have never had a problem when I ask them to do this.

[EnviroBat]

7. Also remember, the Department of Homeland Security

They have mandated certain restrictions on Banks in the last few years. The banks may be using this as justification. It happened to me as well, and this is what I was told when I raised hell with them. They also limit the number of transactions you can make between you checking and savings accounts! Try to make more than 6 transfers in a month and your bank may prevent it. Lets face it. The Patriot Act treats us all like suspects. I hope it ends soon.

[Nimrod2005]

8. Call or go bitch at them, they will release the hold, make the funds available

Happens to me all the time, always end up getting access to the money within 3-4 days...