So I’ve had a BOA account for about six months, was dealing with a credit union before them.
I’ve noticed that BOA is holding checks that I bring in to deposit for a crazy long time.
A 2500 dollar check from a customer of mine (major corporation, corporate check) was deposited on 12/05, and I just called BOA, and they are holding it until 12/14 at 9am.
Is this commonplace?
My credit union would hold for no more than 4 business days.
it all depends on how much is in that account that you are cashing and i think a few other factors like how long you have had the account there… if you had 2500 to cover the check they would lock that money and cash the check if you wanted to… but in the end they are trying to protect you buy waiting for the funds to clear.
when i opened a new account where i live now they would lhold all checks for a while even though I had cash in the account just because it was a new account…
was just in keybank, saw the sign, key bank checks into a keybank account are nex biz day, outside checks into a keybank account are 2 days (with $100 of the check available at the time of deposit)
i go to the one by me and they even fill out the deposit slips for me, lol
yea Its pretty standard for BOA, especially if you dont have enough in the account to cover the check.
When my girl gets her $20k loan check it takes 2-3 weeks to clear all the funds, sometime you can get them to release a certain amount, like $1-2k. But these were checks drawn on a corporation, not personal, which I assume are more trustworthy.
its standard for most checks if they think something could be wrong with it like maybe a fraud check they will contact the fraud team and then the fraud team will call the signer of the check to make sure its right. its not uncommen at all. its for your safty and the banks.
[quote=“FightinMike,post:5,topic:39957"”]
yea Its pretty standard for BOA, especially if you dont have enough in the account to cover the check.
When my girl gets her $20k loan check it takes 2-3 weeks to clear all the funds, sometime you can get them to release a certain amount, like $1-2k. But these were checks drawn on a corporation, not personal, which I assume are more trustworthy.
[/quote]
same for me, I had a 2 week(10 day) hold for a 10K insurance check.
Yeah, depending on the bank, hold times are proportionate to the size of the check in relation to the balance of the account.