Question: Banks and funds availability clauses

[Rafiki Rafiki Rafiki]

We closed on the sale of our home yesterday and the attorney who closed the sale refused to wire transfer our proceeds, telling us it was too much trouble for them. FedEx was no problem to them.

SO, today I'm in a bit of a panic because at 3 pm, the bank was still not showing our funds as a pending deposit. I worked in a mortgage company for 6 years, and I understand some things about banking, including funds availability to protect them in case the check was fraudulent....but here's what I don't understand:

Our bank is putting a 5 business day hold on this cashier's check because it is from out of state. Don't the new processes regarding electronic posting of checks mean that my bank really does get that money instantly...especially since it's a cashier's check?

I'm really feeling like my bank is taking advantage of me.

 

[CF'er]

and he says that there is a lot of check fraud out there especially cashier's checks. I also quesitoned a 10 day hold my bank put on a deposit of mine. They said that they don't get confirmation when a check clears only if it doesn't. So even if the check cleared the bank it was written on in 1-2 days there was still a 10 day hold.

HTH

 

[barkley]

it's almost impossible to get anyone to take a certified or cashiers check here anymore-too much fraud. even an in town certified or cashiers check issued from one local bank to another has a 5-10 day hold. when our house sold the funds were wired into our existing account and when we wanted to go open a savings account at another bank we were told to do it via our personal checking account (vs cashier or certified) because the hold period was shorter.

 

[Rafiki Rafiki Rafiki]

I just can't even believe this is happening! UGH!

 

[bicker]

In the Christian bible, they imply that the wages of sin are applied to the sinner, when in reality the ramifications of sin typically have a cost to society, and often that cost is only to society, rather than to the sinner. Here's a great example of that. Sad.

I hope things work out for you Rafiki.

 

[coolbeans]

Ask the bank to call the bank that the check is drawn on to see if it has cleared and release the funds. We will do that at the bank I work at, the only "catch" is with all the privacy laws the bank may not be willing to give out that information, but it's worth a shot!