New Banking Rules?!?

[retrieverman]

I’ve had a couple accounts with Capital One since the late 90’s when they bought out the bank I was using, and I really haven’t had any complaints other than there’s not a physical branch within 250 miles now.
I deposited a $23k check on Friday about noon, and as of this morning, I only have $9000 of it in “available balance” with the rest showing in “current balance”. What the heck is up with this?!? Transfers between banks are nothing but key strokes, and I know the person that gave me the check had the money.
Is this some new govt regulation that lets them hold my money for a set amount of time?!?

 

[TANSTAAFL]

You will see more of this as banks fail. We have had some big ones go belly up in the last few years.

 

[trekrok]

I’ve had a couple accounts with Capital One since the late 90’s when they bought out the bank I was using, and I really haven’t had any complaints other than there’s not a physical branch within 250 miles now.
I deposited a $23k check on Friday about noon, and as of this morning, I only have $9000 of it in “available balance” with the rest showing in “current balance”. What the heck is up with this?!? Transfers between banks are nothing but key strokes, and I know the person that gave me the check had the money.
Is this some new govt regulation that lets them hold my money for a set amount of time?!?

They seem to all suck about equally. Except maybe Chase. They suck on another level.

I deposited an $11k cashiers check from Bank of America into an account at my credit union. They put a hold on it for 5 business days, telling me that cashiers checks and money orders are often faked. They tried to call BofA, to verify it but BofA is impossible to get on the phone unless you have an account with them.

What I don't understand either is that everything is processed electronically, supposedly. How could it possibly take that long to verify that it's a real check? Either they are full of it, or it has some sort of money laundering thing that it goes through?

 

[GorillaG]

Federal Employee Credit Union (now WeStreet) told me they had to hold my cashiers check 5 days from a local bank because it was Saturday and they couldn't confirm it until Monday. I told them the bank was open right now and you can pick up the phone and confirm it today. Nope, 5 days they said. So to be safe I waited 7 days to starting writing checks on it. They bounced them ALL, the deposit didn't take effect until TEN DAYS on a cashiers check from a local bank.

 

[BobbyV]

I’ve had a couple accounts with Capital One since the late 90’s when they bought out the bank I was using, and I really haven’t had any complaints other than there’s not a physical branch within 250 miles now.
I deposited a $23k check on Friday about noon, and as of this morning, I only have $9000 of it in “available balance” with the rest showing in “current balance”. What the heck is up with this?!? Transfers between banks are nothing but key strokes, and I know the person that gave me the check had the money.
Is this some new govt regulation that lets them hold my money for a set amount of time?!?

I don't think this is something new. It happened to us when we deposited a "large" check several years ago. It took a few days for the entire amount to get credited to our account.

 

[SlugSlinger]

Read the language in the account agreement. It will outline the wait times.

I’ll do a transfer from my credit union to a bank I use. There is a 5 business wait before the amount is available, even though it shows as a balance amount.

If I do an eft from my brokerage, it deposits and is available the next day in the bank.

Transfer and deposits are handled differently.

Sometimes it takes less time for funds to become available for me to transfer money to the brokerage account, then to the bank.

 

[red dirt shootist]

They are doing it because they can. Right now there is big money in interest. I believe those checks clear the Fed at midnight, some the bank is making money on your money, but you aren't. Multiply your check by thousands and it's a sweet deal.

 

[retrieverman]

They are doing it because they can. Right now there is big money in interest. I believe those checks clear the Fed at midnight, some the bank is making money on your money, but you aren't. Multiply your check by thousands and it's a sweet deal.

That’s my theory too.
I’m going to call the guy that gave me the check, and I bet the money left his account Friday or Monday.

 

[rc508pir]

Money orders and Casiers checks can up to over 5 weeks to clear, especially with that large amount thanks to scammers.

 

[XYZ]

My opinion.

You shouldn’t expect any business to put your concerns above their profits. They work for the government not us.