wtf. why do banks put a hold on depositing my money?

[43st]

Find a Credit Union ASAP. Conventional banks are for suckers, or at least people that don't care about making or keeping money. Some Credit Unions even cover the ATM expense if you use an out of network ATM.

 

[C'DaleRider]

Originally posted by: Brackis

Originally posted by: DJFuji
LOL you got it in writing? Someone lost his job...

I think they put a hold on it so that you cant deposit a fake check for 5 million dollars and then cash it from an ATM and vanish off the face of the earth.

The maximum amount you can take out of an ATM is usually no more than $500 per day

Maybe for you and yoru bank, but our bank/account has a limit of withdrawl from an ATM of the limit of our account balance. I know, I've pulled over $900 out at once from our account on the way to an auto auction two weeks ago. Constantly am pulling out more than $400/day out of our account on auction days......Thursdays, Fridays, and Saturdays.

 

[labgeek]

Find another bank (or credit union)... Both of my banks, except for the initial deposit to open the account, have always made the funds available right away.

I like smaller banks in general as they end to be more personable.

 

[dullard]

1: It is federal law that the banks have the right to withhold your funds (length of time can be just over a week depending on the conditions of the deposit). So of course the bank will choose to withhold the funds (for many reasons, many too complex to post on this quick post).

2: Never feel bad using a credit card for a $20 transaction. $20 credit card purchases are very common (restaurants, gas stations, etc). For a sub $10 transaction, however, I perfer cash since the transaction fee (both debit and credit have high fees) will usually take away any store profit for a <$10 purchase.

3: One more reason the debit card is a suckers option. A debit card is ALWAYS more "deadbeat" than a credit card. For the consumer a credit card is equal or better in every possible measure.

 

[StageLeft]

I really don't understand this hate for banks. Can somebody tell me exactly what I'm missing with my bank? I have a free checking account with free online banking, and they claim to refund ATM fees from other banks (not that I ever use other bank ATMs anyway, so i wouldn't know). I have a savings account with ING, and there is a one day delay on deposits. So, why exactly does my bank suck?

 

[StageLeft]

2: Never feel bad using a credit card for a $20 transaction. $20 credit card purchases are very common (restaurants, gas stations, etc). For a sub $10 transaction, however, I perfer cash since the transaction fee (both debit and credit have high fees) will usually take away any store profit for a <$10 purchase.

I use my CC for anything I'm allowed to. I've made countless purchases at around the dollar mark and I use it a few times a week to buy $1.08 coffee. If I don't have cash, and I normally don't, I'll use it at a gas station or something for a sub-dollar purchase. If they make it available, I'll use it. Points, baby!

 

[dullard]

Originally posted by: Skoorb
I use my CC for anything I'm allowed to. I've made countless purchases at around the dollar mark and I use it a few times a week to buy $1.08 coffee. If I don't have cash, and I normally don't, I'll use it at a gas station or something for a sub-dollar purchase. If they make it available, I'll use it. Points, baby!

That is awfully mean of you. Debit/credit card fees can be up to 54 cents on a purchase of $1 (actual amount depends on several factors). They are most likely losing money on the transaction.

 

[StageLeft]

Originally posted by: dullard

Originally posted by: Skoorb
I use my CC for anything I'm allowed to. I've made countless purchases at around the dollar mark and I use it a few times a week to buy $1.08 coffee. If I don't have cash, and I normally don't, I'll use it at a gas station or something for a sub-dollar purchase. If they make it available, I'll use it. Points, baby!

That is awfully mean of you. Debit/credit card fees can be up to 54 cents on a purchase of $1 (actual amount depends on several factors). They are most likely losing money on the transaction.

Some places have a minimum for credit cards. The cafeteria at work only allows them for $1 or more purchases, so I think if the fees are killing them that badly they will institute a minimum purchase for credit card.

 

[tk149]

Cash deposits should be immediately available, if made at a teller.

Check deposits can have a hold placed on them at the bank's discretion. It can take several days for a bank to find out you deposited a bad check (depending on where the check originated). That's why there's a waiting period before funds are available. It's all about risk management. If you don't like it blame the thieves, not the banks.

ATM limits are set by your bank. You can probably ask your bank to increase or decrease your daily limit. My bank's default limit is set at $1000, but my personal card is set to $300.

Checks below a certain dollar amount are not scrutinized carefully. That's why sometimes you can get away with check irregularities (e.g. not signing the front, or endorsing the back), but don't be surprised if a low-dollar check gets bounced if you screw up.

We get this sometimes at my bank. Mr. X will call up and say, "Why did you bounce the check? I ALWAYS endorse them like this." Guess what, he endorsed it incorrectly. It just happens that he got caught this time.

 

[BlackOmen]

If you are making large check deposits, then do not be surprised if the bank holds the funds until the check clears. This is to reduce what's called check kiting.

Example:
You have an account at Bank A and your friend has an account at Bank B. Your friend gives you a check for $500 drawn on bank B. You deposit the check into your account at Bank A. Bank A makes this deposit available to you next day, at which point you go and withdraw the $500. A couple of days later the check drawn on Bank B comes back unpaid and the both of you try to vanish.

Most of the times, the banks catch you dead in your tracks, however, there are some people who manage to get by. The back is trying to protect both itself and you (how do you REALLY know the check will be paid). If your overdraw your accoutn frequently, then forget it, there's no way to get around the hold. If you've never overdrawn your account and have a good relationship with the person who opened your account, go and speak to them. If the person who opened your account has no idea who you are, switch to a bank with better customer service. Try looking into a bank that has more lenient policies.

Btw, maximum hold time for a local check is 2 business days, 5 business days for a non local check. For local check(s) over $5000, max time is 7 business days. For non local check(s) over $5000, max time is 11 business days.

 

[EyeMWing]

Originally posted by: GeekDrew
Oh, that's nothing. Try moving money around between different accounts (multiple thousands of dollars) at the same bank, and then asking a bank manager if all of those funds are immediately available. After turning all kinds of white, he says yes, and puts it in writing. You then go to a car dealership (two days later), and write a check for a new car (and the bank account should have enough money in it to buy quite a few of these cars)... What's this? NSF (non-sufficient funds)? Time to pay Mr. Manager a little visit... His bank lost a very big customer that day. And just think, had their computers permitted the completely valid transaction to go through.... 😀

Cliffs: Banks suck.

Haha, oh come on, when I opened my account at the CU, dad xferred 4 grand from his accts into my accts (it was money he was holding for me).

It was available before I actually had checks to write, and long before I had my debit card.

 

[QuitBanningMe]

Originally posted by: DJFuji
You know what i meant. If funds were available immediately you could buy stuff with money that technically hasnt cleared yet (i.e. might not even exist).

Yep. When I was in the military they had a problem with people making fake deposits at the ATM and withdrawing the money since it was immediately available.

 

[Baked]

You have bad credit. My deposits are instant.

 

[Reel]

Originally posted by: Skoorb

Originally posted by: dullard

Originally posted by: Skoorb
I use my CC for anything I'm allowed to. I've made countless purchases at around the dollar mark and I use it a few times a week to buy $1.08 coffee. If I don't have cash, and I normally don't, I'll use it at a gas station or something for a sub-dollar purchase. If they make it available, I'll use it. Points, baby!

That is awfully mean of you. Debit/credit card fees can be up to 54 cents on a purchase of $1 (actual amount depends on several factors). They are most likely losing money on the transaction.

Some places have a minimum for credit cards. The cafeteria at work only allows them for $1 or more purchases, so I think if the fees are killing them that badly they will institute a minimum purchase for credit card.

I thought minimums were against the merchant's agreement? Not that I care much for the merchants' profit margin. I rarely use cash anymore.

 

[CPA]

This truly pisses me off. When I could float money I had less of a problem, but now with Check 21, my money comes out in 24 hours. When I deposit it, I have to wait 10 days. Because I manage a payroll accounting department I know how long it takes for checks to clear and the relationships banks have with one another. There is no reason a bank should have more lenient rules than individuals.

 

[JulesMaximus]

Because you're their whiny little bitch! 😀

Banks > You