Any bankers in the house????????

[redgtxdi]

So, I've been working for the same company for 12 years! Been depositing my check into the same credit union bi-monthly for all 12 of those years.


U.S. Bank is the funding bank (my employer's bank) and has been so for the last 5 or 6 years.

Now, I deposited a $10K check into my account on 10/16/07

I noticed nothing was "available" 'til yesterday. (ok, no biggie).

Today there showed a "partial" amount available. (approx $3K)

I just opened my mail to find a letter that says this:

"Dear Member:

We rec'd a deposit on 10/17/2007, in the amt of $10K. For your protection and the protection of the Credit Union, a 5 business day hold has been placed on your account in the amount of $5K, for the following reason:

Reason #1 -------> CHECK OUT OF AREA
Reason #2 -------> CHECK $2,500 AND OVER

These funds will be available on 10/24/2007

An additional hold of $2,579.72 has been placed on the amount over $5K and will be released on 11/01/2007"

Whiskey Tango Foxtrot????

I guess somebody wants to lose a customer tomorrow??

 

[compnovice]

They just don't want to give you interest for 10 days...

 

[redgtxdi]

What's really funny is that they don't give me interest anyway!!!


I typically have to move money out to a 3rd party Money Market account which I use for savings.

I've deposited large checks into my account before & NEVVAARRR had them pull this crap before. (In TWELVE YEARS OF BANKING WITH THEM!)

Tomorrow it's gonna be...........

"I want funds showing by end of biz today, or close the account & have large bills ready for me to pick up at 5pm!!!" :thumbsdown:

 

[Tooncesthedrivingcat]

This is common practice AFAIK

 

[Alistar7]

I have an idea but it hinges on whether or not you have a gun.

?

 

[taltamir]

they hate you?

no really this is retarded... for your protection, please bend over... Switch banks.

And the interest they give you is pitiful anyways... its more likely they want to keep in their accounts to gain interest that is paid to them.

 

[pulse8]

Losing you as a customer isn't going to change the fact that any other bank you go to will have the same policy.

 

[KK]

Originally posted by: Alistar7
I have an idea but it hinges on whether or not you have a gun.

?

nah, no gun needed. just walk in there and don't say anything, just slip them a note. See if you get a paranoid teller.

 

[XMan]

Was it an actual check, or direct deposit? I've had over $5K direct deposited with no problems . . .

 

[ponyo]

It's common practice. You could've got it waived before you deposited. Now I doubt they'll remove the hold.

If you deposit large checks regularly and your banking history is long and clean, they won't place a hold. My bank never hold my check but I deposit large checks regularly and never had a bounce check in 14 years banking with them.

 

[Greenman]

Originally posted by: redgtxdi
What's really funny is that they don't give me interest anyway!!!


I typically have to move money out to a 3rd party Money Market account which I use for savings.

I've deposited large checks into my account before & NEVVAARRR had them pull this crap before. (In TWELVE YEARS OF BANKING WITH THEM!)

Tomorrow it's gonna be...........

"I want funds showing by end of biz today, or close the account & have large bills ready for me to pick up at 5pm!!!" :thumbsdown:

The response will be "we can give you all the funds that don't have a hold on them, come back for the balance after the hold expires". Been through the same thing a hundred times, the thing you have to remember is that they don't give a rats ass if you leave or not.

 

[ViviTheMage]

yup, happened to me when I got a large check like that with USBank.

 

[redgtxdi]

Ya, but 11/1 for a fraction of a check???


THAT is the ridiculous part. The hold shouldn't happen anyway.....(not for the longstanding, goodstanding, high-balance account I have had for 12 years).......but to hold a FRACTION (last fraction at that) of the check for TWO WEEKS!?!?!?!

I feel a PULP FICTION kinda' moment comin' on!!!!!

 

[Dunbar]

Ya, even the mega-banks do this and I think it's absolutely absurd. They basically get to take zero risk by treating everybody like petty criminals. Years of banking history mean nothing.

 

[Captante]

One critical piece of information that the OP has neglected to mention is who the check is from ... if its a from a major US bank & written by somone he has deposited large checks from before then I agree holding up his funds is out of line.

 

[kranky]

Your CU's hold rules are published and unless they are singling you out (which they aren't), they are doing nothing out of the ordinary. A hold of 10 business days on part of a $10K check is not uncommon in my experience.

As was mentioned, you can ask at the time you deposit a check to have the normal hold time waived and if you have a good history with the bank they will generally accommodate you. They probably would have done it for you if you had asked.

You're going to close your account of 12 years over this? All they are doing is following their standard procedures.

 

[PottedMeat]

isn't $10,000 a magic IRS reporting number or something?

 

[kranky]

Only for cash. Not checks.

 

[Blieb]

When I make a deposit through the ATM, it seems like different rules apply than when I do it through the teller...

Just a thought ...

 

[krunchykrome]

I deposited a $10k+ check a couple months ago, and it was available next business day. Can you give us some details about the check?

 

[smack Down]

Originally posted by: kranky
Your CU's hold rules are published and unless they are singling you out (which they aren't), they are doing nothing out of the ordinary. A hold of 10 business days on part of a $10K check is not uncommon in my experience.

As was mentioned, you can ask at the time you deposit a check to have the normal hold time waived and if you have a good history with the bank they will generally accommodate you. They probably would have done it for you if you had asked.

You're going to close your account of 12 years over this? All they are doing is following their standard procedures.

What the hell is wrong with closing an account when you don't like their procedures?

 

[KK]

Originally posted by: smack Down

Originally posted by: kranky
Your CU's hold rules are published and unless they are singling you out (which they aren't), they are doing nothing out of the ordinary. A hold of 10 business days on part of a $10K check is not uncommon in my experience.

As was mentioned, you can ask at the time you deposit a check to have the normal hold time waived and if you have a good history with the bank they will generally accommodate you. They probably would have done it for you if you had asked.

You're going to close your account of 12 years over this? All they are doing is following their standard procedures.

What the hell is wrong with closing an account when you don't like their procedures?

Show me a bank that won't do the same hold?

 

[KK]

Originally posted by: krunchykrome
I deposited a $10k+ check a couple months ago, and it was available next business day. Can you give us some details about the check?

Did you already have 10k+ in the account you deposited it in?

 

[Greenman]

Originally posted by: PottedMeat
isn't $10,000 a magic IRS reporting number or something?

Yes it is. Transactions of 10k or more are reported to the irs. The form the money is in doesn't matter.

 

[krunchykrome]

Originally posted by: KK

Originally posted by: krunchykrome
I deposited a $10k+ check a couple months ago, and it was available next business day. Can you give us some details about the check?

Did you already have 10k+ in the account you deposited it in?

lol, hell no