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Grrrrrr... BT check deposit

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Is it typical for banks/credit unions to put a hold on a BT check?

 

I went to deposit my BT check from Citi, I expected maybe a three or five day hold. But they are putting a 10 day hold on it. It's for 8k.....

Now I have to wait that much longer to PIF those cards....arggggh.

Sorry I am just pissed. Already made my first payment on it and everything.

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my bank does a 5 day up to 5000, I think, so I guess its the norm. It sux.

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You guys def need to find a secondary bank then for situations like this

 

I have a couple of accounts with diff banks and 1 of the clears anything under 50k local 1 day nonlocal 2days and I have a 3k tolerance amount which means 3k available as soon as I deposit

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the last couple times i've done it, the funds have been available right away...meaning as if i were a normal deposit. i deposited a check yesterday, and the funds are available today. this is a new credit card tho, and i am placing my own hold on the money, in case the ccc tries to pull any funny business, even tho i called before i did it. i am waiting for the deposit to show on my online cc account or on the automated system.

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Is it typical for banks/credit unions to put a hold on a BT check?

 

I went to deposit my BT check from Citi, I expected maybe a three or five day hold. But they are putting a 10 day hold on it. It's for 8k.....

Now I have to wait that much longer to PIF those cards....arggggh.

Sorry I am just pissed. Already made my first payment on it and everything.

YES....UP TO 10 DAYS

 

BECAUSE IT IS A BT CHECK!!!

 

"IF" IT WAS FROM YOUR MOTHER or THE ELECTRIC COMPANY...PROBABLY NOT

 

(depending on the size of the check)

 

ASSUMING YOU WROTE IT OUT...(they may not do a HOLD if the bank printed the whole check and it is made out to you)

 

YOU CAN DEMAND THEY CALL THE BANK TO VERIFY FUNDS...

Edited by GEORGE

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You guys def need to find a secondary bank then for situations like this

 

I have a couple of accounts with diff banks and 1 of the clears anything under 50k local 1 day nonlocal 2days and I have a 3k tolerance amount which means 3k available as soon as I deposit

You can also deposit it into your savings account (ASSUMING YOU HAVE ONE AT THE SAME BANK) and transfer that amount to the checking...THE HOLD IS ON THE SAVINGS ACCOUNT!!!

 

ASSUMING YOU HAVE A LARGE SAVINGS ACCOUNT

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Yes we do have savings, but those two accounts are with PenFed and USAA. I specifically use this account for local deposits... then transfer the funds.

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I deposited a refund check from Emerge yesterday (did a BT but it took 2 months for new CC to approve me but the CC was PIF by then), and even though we have over twice the amount that Emerge paid us back in our checking and savings accounts, they are still putting a 5 day hold on it :aggressive:

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Is it typical for banks/credit unions to put a hold on a BT check?

 

I went to deposit my BT check from Citi, I expected maybe a three or five day hold. But they are putting a 10 day hold on it. It's for 8k.....

Now I have to wait that much longer to PIF those cards....arggggh.

Sorry I am just pissed. Already made my first payment on it and everything.

YES....UP TO 10 DAYS

 

BECAUSE IT IS A BT CHECK!!!

 

"IF" IT WAS FROM YOUR MOTHER or THE ELECTRIC COMPANY...PROBABLY NOT

 

(depending on the size of the check)

 

ASSUMING YOU WROTE IT OUT...(they may not do a HOLD if the bank printed the whole check and it is made out to you)

 

YOU CAN DEMAND THEY CALL THE BANK TO VERIFY FUNDS...

My local bank refused to call CITI. It even had printed on the check any ?'s regarding this check please call 1-800-xxx-xxxx. They put a 10 day hold on it. It's funny how Check 21 only applies to checks you write and not deposits. I guess thats how the banks make money on the float.

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I just did a BT for $4500 into my checking and my credit union held it for 1 day, but released $500 immediately. I bailed out on Wells Fargo years ago for holding my school financial aid check. Joined a CU and never looked back!!That's why I don't like banks! :aggressive:

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Banks are funny, thats for sure...... When I deposit checks >$5K in person, they put a 7-10 day hold on 'em. When I 'mail' them...... no hold! go figure..... :grin:

Edited by richandpoor

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My bank (National City) did this for the first year my account was open, checks > $1000 had 5 day hold, with only $100 available immediately. Once my account hit a year old though, check deposits are available in full the following day.

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I deposited a BT from CIti a while back into WAMU and they ran it through like a regular check(day or two).

 

My past experience with them is they will put holds on checks if the amounts are larger than what your history shows you depositing. One time they told me I could call after 5 days and likely have the manager release the funds.

 

Still though, 10 days doesn't seem like something to get pissed about in this case.(it's very nice of them to do BT to checking) What's the hurry?

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10 days is alot.

Considering we have excellent history with this credit union, been with them almost five years, and have made larger deposits in the past.

As I stated, I am already making payments on the Citi account, and still paying interest on those that I want to BT. So maybe its not an issue to you, but it is to me.

I should of known better and just mailed the deposit to USAA, I switched checking to them since the local credit union dosen't offer online bill pay. Just another reason to go with a bigger institution. Live and learn I guess.

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Our postal credit union has a 10 day hold on those BT checks.. It stinks, but I suppose that's what they have to do sometimes.

 

DH used one last year, around the time my Mom and I went to Europe, and I guess he forgot about the time limit. So, he made a withdrawal at National City and the darn bank in turn charged NSF fees on that withdrawal which caused a check to bounce. Don't understand why they allowed the withdrawal, if the funds weren't technically there to begin with. Bastages :good: ....

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Hey Sgt, if your credit union is AlaskaUSA FCU you can negotiate on the length of hold with them. They tried to pull the same 10 day BS with me and I got them to drop it to 5 days. Ask for a supervisor and have them pull up your account info.

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Hey Sgt, if your credit union is AlaskaUSA FCU you can negotiate on the length of hold with them. They tried to pull the same 10 day BS with me and I got them to drop it to 5 days. Ask for a supervisor and have them pull up your account info.

 

Thanks for the tip! It just burns my flowers...but I guess it's standard with some credit unions. I might call Monday and see what they can do.

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Is it typical for banks/credit unions to put a hold on a BT check?

 

I went to deposit my BT check from Citi, I expected maybe a three or five day hold. But they are putting a 10 day hold on it. It's for 8k.....

Now I have to wait that much longer to PIF those cards....arggggh.

Sorry I am just pissed. Already made my first payment on it and everything.

I understand that that being assigned a holding period griped you but my local CU account doesn't accept any BT or convenience checks AT ALL. Not for deposit, not for cashing - never. No way.

 

Just as you as an individual may set a reasonable restriction on how someone pays you for something -- for example, would you blithely accept a 25K personal check from a total stranger buying a car from you and immediately sign over full title and ownership before the buyer's check has cleared? -- so also may a financial institution decide what payment media are accepted and how they will be handled.

 

This particular CU's experience apparently was that too many of the convenience checks deposited had bounced (because of the dolts who don't figure out what their actual balance and outstanding authorizations total up to). So this is a blanket rule they've set for everyone, regardless of how many years one has been a member there.

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If you have a good relationship with your bank, you shouldn't have to deal with check holds. DW and I have been with the same bank for over ten years, and when we have a large check to deposit, we see the branch manager first, and she signs off on the deposit...NO HOLD...funds available the next day, like clockwork... :yahoo:

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I used to work at the banks and the reason for the hold is to prevent fraud and theft. It is not so the bank can make money off the funds while the hold is in place. You wouldn't believe the amount of theft there is from people taking the money out that hasn't cleared, then leaving the bank to pay for the entire amount of the bounced check. And a lot of identity theft where someone gets a fake id using someone else's social and info to commit fraud and theft.

 

I know our policy was if the customer was a long time customer we let them deposit with no hold. But it was up to us a bank tellers to make the call.

 

If we made a mistake WE got in trouble and WRITTEN UP for making a bad judgement call. If you get too many write ups or if the amount stolen is a large amount, you are fired from the bank!

 

That is why sometimes there is a hold and sometimes not, because a lot depends on which bank teller you get and what their judgement call is.

 

Also I know whenever we got a new manager the rules changed, sometimes stricter. So if we had been letting a certain customer get away with depositing large checks with no hold, we would have to stop doing it.

 

If there wasn't so much theft banks would put crazy holds on checks like they do.

 

It is very easy to deposit a check, go in the next day, take the cash, and then leave town with your fake id card, never to be seen again. then the bank finds out 7 days later (yes it can take this long or longer for certain types of checks to be processed through the system) that your check was a FAKE. The bank can't do anything but eat the loss.

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