Additional withheld check clearance

This is a bank by bank policy really, they're subject to rules on check availability but that 10 day hold on an over-$5k check meets them. Google REGULATION CC if you're interested in the Federal laws on this.

Many banks do better than Reg CC maximums and to me that's the best solution, "vote with your feet". There aren't enough hours in a lifetime to contest a large bank's T&Cs and I'm guessing they met their disclosure requirements, I can't imagine BofA didn't do that right. But there are so many banks & credit unions out there, you should be able to find one that will honor your deposits immediately. Or, talk with your branch manager and ask for immediate clearance for all checks, even those over $5k -- I have that at my bank because it's an old account. Tell them you're moving your money elsewhere, permanently, if you can't get it -- and follow through.

-Tad

This is normal. 5th 3rd bank held a check we deposited when we sold our first house. Another bank I used in Michigan held a check when I opened a new account.

If someone is passing bad checks, this is how bank would protect itself from this practice.

This may make sense for new accounts, but not for long time customers who've lived in the community for many years.

BofA did the same to me recently. It was news to me too. It's not like I had a fly-by-night account, since I've been a good customer of theirs for over 10 years. Seems like the banks don't publicize their check hold policy.

click the question... "when are funds available after deposit?"

Thank for all the information. I actually managed to get the fund released earlier by contacting my account manager directly (I am its premium banking customer), even though BoA's customer call center managed told me she couldn't do anything to release the fund earlier.

I also had a look of the URLs given, yes there is such a clause there. So it's their policy, which is fine, even though I was never aware of this. (I have to say, by comparison, the banking business here is much less consumer friendly than many other countries in the work)

BTW, is there anybody happen to know is there any restrictions on the total amount you can deposit by cash without problem? I was told be BofA that the only way to make your incoming fund available immediately is by cash or wire transfer (if you catch the deadline, not cashier's check or anything else. So it seems the only way to transfer money urgently between banks in the same day, say, in afternoon is to withdraw cash and deposit in cash. ... hopefully it won't happen as I don't want to carry so much cash across the street, but just interested to know whether there is a limit on cash deposit without problem.

$10000+ cash transactions (or maybe even just possession of that much cash) will trigger a call to the Feds and maybe the local police. Not necessarily a problem, but why ask for trouble.

I think Canada has the same thing -- they call it FINTRAC.

Your federal tax dollars at work.

Best regards, Bob

Published policy or not, I think that an 11 business day hold on a check for $5001 for a long term customer is unconscionable. Anyone know of any major banks that have a shorter deposited check hold policy?

For people who are still interested in the outcome, I got a letter from BofA today saying that "Your fund was held for an extended period because of ....., if you incur any expense, such as returned check etc, solely results from the extended withheld, we will reimburse you the cost ..."

I deposited the check on Nov 3, called/complained on Nov 8, and got this letter on Nov 10 (Friday), and the fund was due to release on Nov

I am not sure whether this letter is triggered by my complain on Nov 8. Otherwise, it's less meaningful to send a letter to tell you the fund will be available the next business day.