Warning--deposit large checks at your peril

[Glocktogo]

I love reading all these posts by "banking experts" that really have no idea how the process actually works. I suggest doing a little research and try to come across somewhat informed. This is not directed to everyone, but there is a lot of misinformation in this thread.

Many of us DID do our research (and some of us have worked in banking). What specifically is your disagreement with? If you have valid information, post it. If you're just taking the bank's side (because we all know they follow the law ALL the time), then never mind.

 

[Electrician Mike]

If you think depositing a large check and it taking a weel to have the funds available try going to your bank and asking to withdraw $5k -$10k without them having been given prior notice.

Why? If you have the funds in your account, there should be no problem. I personally have done this numerous times in the past six months.
I also have to disagree with a lot of the comments on IBC. I moved all of my accounts over to them about 4 years ago and they have been a dream compared to Bank of America. I routinely deposit checks larger than $5k into my corporate account and have never had a hold placed on any of them. I have only had one real issue that I can remember, and that was because someone didnt do their job at the branch and lift the $3000 daily limit on my personal debit card. I had asked for this to be done a few days prior, and it failed to happen. Two hours later and a call to the corporate office in OKC and problem solved.

 

[Mike_60]

I guess I should feel lucky. Because I deposited a 29k check this morning in my CU and they told me it would only be a 2 day hold, and yes it was an out of state check, and no I didn't having matching monies.

 

[gfercaks33]

Cashiers checks, money orders, state Annd federal checks are required to have $5000 second day availability under reg cc of the FDIC. All of those are commonly forged also. Credit unions are different then banks as they don't follow FDIC regulations. If you are getting a huff about holds its 100% of fraud there is a thing called COCHA and my email box was constantly flooded by them for fraudulent checks. Just tt from talking about banking to people in the field Bank of America, chase, and IBC were the main form of complaints I got.

Putting holds is difficult to do as a teller I honestly hated it, I will guarantee you that if they ask if the check is good 99% of the time you will say yes it is, how many people want to believe they got hosed with a fake check? I will also bet money that if the teller got fired because they did not do the precautions in place (holds) and got terminated you would not rush out to employ to pay their bills.

Holds are not there to piss you off but I will tell you this the less civil you are to them the more likely that hold will live out its span.

And to the comment that it takes 15 minutes to verify the check that is false, Chase and Bank of America will not verify checks at all and several other banks will only verify if you have their customer on th le phone with you.

 

[AKguy1985]

My bank holds any check or money order for ten business days.

 

[jfssms]

My bank holds any check or money order for ten business days.

Okay.....

 

[OkieMoe]

It's always a lot easier making withdrawals at bank where nobody knows you.
Just wear your ski mask, show 'em your water gun and you go to the front of the line.


Of course, they'll take pictures of the top of your head that look like crap. They'll even show it on TV.
Tell all your friends on FBook, then get a really good photo taken by the guys with real guns.
Soon you meet a guy named, Bubba and you won't worry about a little 5 day hold on a check.
Bubba will hold you for a lot longer than that!

This is the winner.....

 

[LightningCrash]

They will simply take the money from your account or take it negative.

Only if they do so within the midnight deadline or a reasonable time frame. If not, they do get to eat it.
UCC § 4-214

 

[KOPBET]

Only if they do so within the midnight deadline or a reasonable time frame. If not, they do get to eat it.
UCC § 4-214

Yep. But you'd best know what "midnight deadline" means. It's probably not what you think.

 

[jdagreek]

I bank at Coppermark in Oklahoma City. I make a deposit and the money is available the next business day. I have never had an issue with them on turning my money loose. I will also say that I can't tell you that is their normal policy or if it just applies to people with similar banking habits. I have three accounts and carry what is likely a much higher than normal account balance. Also, I normally make deposits in the several thousand range each and every month. It could be that I maintain sufficient balance to cover any bad checks that might show up. Don't think I have ever had a deposited check returned for insufficient in the 15/16 years I have banked there.

My girlfriend banks at IBC and they treat her like crap. I have told her I wouldn't put up with it, if I were her, but she doesn't get upset about it. The only time I know that she got upset was when she deposited some cash and needed to write a check for an overdue bill and the girl told her it would take a few days for the cash to shop up in her balance. I have no clue as to why a cash deposit would take more than a working day to show up in her account.