I just deposited a 9k BT check from Citibank into my Wachovia account and won't have the funds available for at least a week. I know they are allowed to do this, but it's annoying and I'm wondering if there are any banks that don't normally put long holds on checks like this?
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mill4023 said:I just deposited a 9k BT check from Citibank into my Wachovia account and won't have the funds available for at least a week. I know they are allowed to do this, but it's annoying and I'm wondering if there are any banks that don't normally put long holds on checks like this?
Thanks
I can deposit over $100K into both BOA and Citibank and both banks gives me instant credit on all deposits even personal checks.
Banks computer determine the holds by your average balance. They dont give people who average balance is $200 instant credit to $10K check because they have no idea if the check is good. But if you average balance is $100K they not worried about a $10K check as more than likely if the check bounces you will have funds in your account to cover the bounced check.
I think the length of time you've had the account open, etc, play into the picture as well...I have a Wachovia account that used to get holds on some checks, but now that I've had it open longer and probably have been averaging a higher balance as well, it never seems to get holds now...I probably keep on average ~$2500 in there, and don't seem to have any trouble depositing $10k checks, etc....will be trying some $20k BT checks soon I think...will see what happens there...
dolmar said:mill4023 said:I just deposited a 9k BT check from Citibank into my Wachovia account and won't have the funds available for at least a week. I know they are allowed to do this, but it's annoying and I'm wondering if there are any banks that don't normally put long holds on checks like this?
Thanks
I can deposit over $100K into both BOA and Citibank and both banks gives me instant credit on all deposits even personal checks.
Banks computer determine the holds by your average balance. They dont give people who average balance is $200 instant credit to $10K check because they have no idea if the check is good. But if you average balance is $100K they not worried about a $10K check as more than likely if the check bounces you will have funds in your account to cover the bounced check.
That may apply to high rollers such as yourself, but many banks do in fact place holds on some deposited checks regardless of one's history or balance and, worse, pay no interest during the hold period. As each bank's policy tends to differ, it's best to read the T&C carefully.
We are fairly new account holders. We've had the account for about 7 months and we don't keep much of a balance in there. I deposit my paycheck once a month, then pay all the bills. I guess I figured since it's a check from another bank, they'd get their money pretty quickly and wouldn't need to keep the funds on hold after that point. Like I said, I know they're allowed to do it. I was just wondering if this was standard among all banks or if some were better than others.
Hold times can be negotiated. If you deposit a large check and need some of the money right away, you can ask them to release some of the money earlier than their normal hold time and usually they will work with you.
There are times I've deposited a check and asked the teller to have it credited immediately, and they have done so. But I'm sure your history with them is a factor, as we've had our account there for 20+ years.
I think the average daily balance issue really rings true for me at least. I've used Bank of America for over 8 years now. I used to have an ADB of $2000 or more. I used to be able to deposit in/out of state checks up to about $11-12k without any holds.
Since I started depositing most of my salary and moving all my BOA deposits to GMAC the day after I deposit, they have been putting holds on checks lower than $5,000. Totally just an excuse for them to make interest off my money, saying I'm a risk - nevermind the past 8 years I have never been overdrawn or deposited a bad check!!
EDIT: Oh and after calling the bank manager of my branch, they have refused to release any funds.. even for cashiers checks in the past two months.
This is one reason it's nice to have a good relationship with a local bank. I have deposited checks for over $100k and had funds available same day. Just go see manager and they call issuing bank and verify check and then no hold
scott1961 said:This is one reason it's nice to have a good relationship with a local bank. I have deposited checks for over $100k and had funds available same day. Just go see manager and they call issuing bank and verify check and then no hold
I dont even need to talk to the manager Scott. BOA and Citibank computer automatically puts no holds on any deposit I make. I assume if they switch managers it possible new manager does not want to remove holds for you which is why I prefer computer method over manager method.
i have to agree with kranky, hold times are negotiable. In my case we had just moved from out of state and I had a paycheck from a medium sized local company. When opening a new account they told me my check would be on hold, I politely explained that it was unacceptable, that their were many banks around that I could open an account with. They had my SSN from my paperwork and went back and did a soft pull on my credit (my scores are usually 760+). A few minutes later the person came back with a big smile and told me that there would be no hold and how much they wanted to be my bank.
The same thing works with utilities and deposits to turn them on or doing budget billing, if you have a good credit score let them know and they suddenly become very nice.
randomizzer said:i have to agree with kranky, hold times are negotiable. In my case we had just moved from out of state and I had a paycheck from a medium sized local company. When opening a new account they told me my check would be on hold, I politely explained that it was unacceptable, that their were many banks around that I could open an account with. They had my SSN from my paperwork and went back and did a soft pull on my credit (my scores are usually 760+). A few minutes later the person came back with a big smile and told me that there would be no hold and how much they wanted to be my bank.
The same thing works with utilities and deposits to turn them on or doing budget billing, if you have a good credit score let them know and they suddenly become very nice. So you are saying a good credit score lowers the wait time to have a utility turned on, or just the amount of the deposit?
dudetheobscure said:That may apply to high rollers such as yourself, but many banks do in fact place holds on some deposited checks regardless of one's history or balance and, worse, pay no interest during the hold period. As each bank's policy tends to differ, it's best to read the T&C carefully. I keep about a $15-$25k in my BOA MoneyMarket account. I've only been a BOA account holder for about 8 months. I've deposited quite a few $10k+ personal out of state checks over the past few months with no holds placed. However, this is just my experience and not policy.
kaycen said:There's lots of gullible Nigerian scam recipients asking this same exact question. Was watching local news last night and the manager of a bank said they turn away about a dozen scam checks a week, Mostly those Lottery ones. Was pretty surprised so many fall for it
Banks in my area are getting a lot of bogus check too. So they are weary of not putting a hold on them. But, I usually don't have a problem, go inside and get to know the tellers by name ect... and then later you should have a problem!(because they will know that you are on the level, like getting checks deposited after 2pm with available funds for free!)
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