Well, "peril" may be too strong a word, but I learned recently that if one deposits a check over 5K in a bank or a credit union, they can, at their "discretion" hold your money up to eleven days.
In my case it was just a matter of principle, but if I had needed the entire amount, it would not have been available. When the branch manager (IBC) was pressed, his explanation was essentially "because I can."
Banks are within their rights to do this if they think the check may be suspect or if there has been what they consider to be unusual activity on the account. Neither applied in my case--long term customer, no problems, special account with boring repetition each month.
I think the takeaway from all this is that everyone needs to know about it.
The next time I make a large deposit (it was a check from a reputable brokerage firm) I will seek out the manager (of my new bank--skroo IBC) and get assurance that funds will be available without the big delay.
One internet article used the phrase "pony express speeds" when referring to this idiocy.
I did learn that IBC is not unique or even unusual in doing this.
In my case it was just a matter of principle, but if I had needed the entire amount, it would not have been available. When the branch manager (IBC) was pressed, his explanation was essentially "because I can."
Banks are within their rights to do this if they think the check may be suspect or if there has been what they consider to be unusual activity on the account. Neither applied in my case--long term customer, no problems, special account with boring repetition each month.
I think the takeaway from all this is that everyone needs to know about it.
The next time I make a large deposit (it was a check from a reputable brokerage firm) I will seek out the manager (of my new bank--skroo IBC) and get assurance that funds will be available without the big delay.
One internet article used the phrase "pony express speeds" when referring to this idiocy.
I did learn that IBC is not unique or even unusual in doing this.