Banking question - is there anything I can do?

[Katieinwonderland]

So I'm wondering if anyone thinks there is anything I can do about this...

Last week I put a check for $500 into my bank account. I always allow 3-5 business days for checks to clear, so I thought I was putting it in with plenty of time before it was needed for my rent check to clear. Well, six days later the bank tells me that they're putting a hold on the $500 "for security reasons". When I pressed them for more details, they just said it was for my own security.

That was the same day the rent check was to go out (online bill pay), and I couldn't get to it to cancel it in time, so it went out anyway (I added extra money afterwards but it was too late, the check had already gone out). Well, not surprisingly, it bounced. My landlord let me know today, and wants a $100 late fee. The bank still has a hold on this check until the 15th and they still won't tell me why.

This really frustrates me. That's MY money, and I don't see why my putting a check INTO my account is anything to do with my own security. I'm going to call them again tomorrow, because I think they should be responsible for my $100 late fee...I think it's a long shot, but do you guys think there's anything I can say?

 

[zachnsamsmommy]

The $500 you put in didn't happen to be a cashier's check did it? There are a lot of fraud issues going on with cashier's checks (not implying that yours was fraudulent, though). So banks are waiting until they totally clear before depositing into your acct. They've done me that way with Canadian checks, money orders, and cashier's checks recently.

IMO it wouldn't hurt to try getting the $100 from your bank, but don't be surprised if it is a very quick 'no'.

 

[Handbag Lady]

What is your bank's policy on holds? My old bank had a very clear policy.

Anyway, go ahead and ask for the $100. Who was the writer of the $100 check? Was it yours from another account?

If the bank's policy is three days and you waited 5 and they don't give you the $100 back, change banks.

 

[Katieinwonderland]

I appreciate the quick replies!

The check with the hold on it was from a company...I'm not totally sure, it was cashing in of stocks or something, DH dealt with it all LOL! So maybe there was a security issue with fraud - I do appreciate them looking out for me, but they had SIX DAYS to tell me they were holding it, if they'd just told me it would have been fine, I could have moved money around (we only just this account for bills so we can keep track, there isn't usually more than $50 extra in there.)

I'm pretty sure they'll just say no if I mention them taking care of my late payment, but I figured I won't know if I don't ask. I'm thinking of switching banks anyway, maybe this would be a good time to do it.

 

[1PrincessMomma1]

My bank did that to me and it was a check from one of my accounts with them to another of my accounts with them.

 

[BriarfoxinWA]

The length of time that a hold can be placed is regulated by our government. That being said, it is up to the bank to place the hold or not. Typically holds are for large items or if the item is drawn on a bank from out of the area.

The bank I manage a branch for is pretty lenient when it comes to when we place holds, some banks are not and will place holds on every item that meets their criteria. Here's a link to the funds availability act.

http://en.wikipedia.org/wiki/Expedited_Funds_Availability_Act

As far as getting any kind of late fees paid by the bank, I really doubt it will happen. I would focus on the amount of time it took them to notify you of the hold. They should have done it immediately or mailed a notice to you the very next day. After 6 days the item should have cleared anyway.