How long can the bank hold the funds for a check I deposit?
November 20, 2008
My bank, Washington Mutual, where I 'VE that the cash for 2 + months, continues to hold the funds on any check deposit for a minimum of 4 days, up to 2 weeks. The rule of four days? for a check from a local bank. The rule for 2 weeks? for non-local checks. I am very intransigent about the excessive time and get close irascible when challenged about them. My previous bank never failed to take the controls for so long. I have no history of adverse business? banking involving WaMu to be read? observant. Please don 't tell me the only thing that your bank will, I would like to hear from those who really know what the federal regulations have on this matter. I 'VE the yield to some phone calls about this and observed online, but I can' discovery of course, updated information t. Thanks for your help.
chuck
Posted by admin under blog | Comments (1)
I believe the bank can hold your check until the funds are physically in their possession from the bank the check is drafted on.
That being said in my experience most banks will work with business customers and only hold checks over a certain value or only hold checks from banks you do not have in your regular deposits. If this bank will not work with you my suggestion is to go to one that will.
Comment by Space493 — November 22, 2008 @ 1:52 pm