How can one bank continue to hold funds when evidence shows a check has cleared the bank it’s written on?
October 9, 2008
Isn 't this dual immersion? The bank that gets close interest on funds deposited. Collect interest on my money while I can not use my money because of their continued close to 5 Business Day. Segnalilo a Reserve Bank and let 'federal;'s arrest them.
iammajella
Posted by admin under blog | Comments (2)
Most banks have a time period that they hold funds on deposited checks. There wouldn’t be any practical way for them to follow each check that’s deposited and release the funds when it clears.
The time period they are allowed to hold checks is limited, and they have to let you know what it is. They often post signs with the hold times.
Report them to the Federal Reserve? For what? They’re following the law.
Comment by Judy — October 10, 2008 @ 11:25 pm
Yeah right have u ever worked at a bank???? lots of cheques get returned generally checks from the sam city/even within a 200 km radius clear the same night you deposit them but people can stop payment on them and dispute them, as a bank teller we only hold funds if you have a poor credit history or insufficient funds in your account to clear the cheque if it were to come back if banks didn’t hold cheques they would lose billions a year!!!!
Comment by jodylavallee — October 13, 2008 @ 8:32 am