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Banks holding checks longer isn't legit

sommerraynesommerrayne
in Eco-Friendly Family
The banks have nearly instantaneous fund transfer if need be and they know within 1 day if the funds are available and paid. This whole "new trend" with extended holding periods is for them to pull the office space shazam on people. If the bank gets to "hold" your money for 3 days, that's 3 days of interest they earn on that $ - so many banks are on the verge of going under, this is just a new gimick to earn back some of the $ they lost on bad loans and bad practices they participated in to earn a quick buck in the previous years....very similar to rounding off the fractions of pennies that end up being MILLIONS of dollars...(if you haven't seen Office Space, please disregard my example).

GRRRR
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Re: Banks holding checks longer isn't legit

  • Miss HavishamMiss Havisham
    You'd be so cute if you didn't have such  a big nose.  I'd get that thing filed down pronto.
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  • luvlieKluvlieK member
    not true, it can take up to a week to get a check back in state, more out of state. ?They don't know instantly if it is fraud or the check number has been stopped.
    47 months &
    11 months
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  • papagenapapagena member

    Luvlie - maybe this is a question for you - a bank that a client of mine works with switched to something where they can instantaneously clear the funds (from what I understand) from checks that they get in as deposits.  People actually have to request (and have the right to) if they don't want them to do that.  I guess it's not a question... but I wonder if this is something with newer technology/infrastructure that they'll be moving to, and I wonder if this will prevent timing issues in general.

    We've also had issues with the bank holding a check (for a business) because it was so large.  They covered all the fees from the resulting bounced checks (again, they had a bit of incentive to do that).  

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  • luvlieKluvlieK member
    I think it just depends. ?Smaller banks and more distant banks are harder to get ?the info from. ?Larger banks have more ability to share the info faster. ?Also it doesn't take into account stop payments and such. ?Then you will be mad! ?lol ?When an unheld check bounces, if you think fees are bad. ?;o)
    47 months &
    11 months
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  • sommerraynesommerrayne
    I have a hard time believing this due to a couple of reasons but one being that I worked at a small credit union in Washington State and we had funds transfered within 1 day for most checks. Yes, out of state or obscure places may take longer but from my experience, this full on campaign for extended holds looks fishy. Especially given the many of the banks financial situation!
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  • lvisserlvisser member

    imageluvlieK:
    not true, it can take up to a week to get a check back in state, more out of state. They don't know instantly if it is fraud or the check number has been stopped.

    True that... we were allowed to put up to a 10 day hold on checks, if we found it legit.. 

    Rylee - 3.28.08
    Malakai - 8.3.09
    Ezra - 12.1.11 ASD
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