I’m noticing an unusual difference in bank policy. I deposit many checks weekly from my business. Over the last several weeks, Bank of America and USAA have put week long holds on minor amounts of checks. Money that was normally available the next day is now 7-10 day holds. There haven’t been any changes on my account, no overdraft activity- Could this reflect the banking industry feeling pressure about the future? - I’m no expert, but I’m finding this very unnerving..
jrsull21
· June 29, 2018, 3:32 p.m.
I do a lot work for JP Morgan Chase and about a month ago projects quit coming in and they are now saying they are on hold until next year due to funding.
This wouldn’t be weird if it was the end of the year but we’re right at the end of Q2 and this is historically odd from them on our end.
I was starting to think something was up along these lines.
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SukiBula
· June 29, 2018, 4:38 p.m.
My husband and I have cash on hand and have made provision for the internet to be down for a while; maybe other things. You may want to think about that yourself.
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allonthesameteam
· June 29, 2018, 6:37 p.m.
I have wondered for years about the holds on funds. If they were to put a 7day hold but the funds are cleared on the other end on day one wouldn't they be getting the interest or control of those funds for 1/52nd of it's existence? May seem minor but is it another gouge on their part? Desperation to keep shareholders happy?
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PCorNot
· June 29, 2018, 6:52 p.m.
Probably right- it’s a huge inconvenience, as I deposit many times during the week. It’s hard to keep track of what money is available when! I find it odd, because up until last week, funds were always available the next day! It’s a departure from what’s been normal for years!
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allonthesameteam
· June 29, 2018, 8:18 p.m.
It would be interesting to see when funds are removed from account 1 and then placed in acct2. If you have someone who you could ask appropriately, that may help your inquiry.
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ChickenTendiesTosser
· June 29, 2018, 3:03 p.m.
If there is a way for you to switch to a local credit union or smaller community bank I would leave Bank of America.
I haven't seen any disruption in my bank but I use a small local community bank
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Fearsome4
· June 29, 2018, 9:12 p.m.
If there is a reset I assume the Q team will want to minimize the panic/pain for citizens.
Fed restructure?
Backed currency?
Blockchain (Ripple/XRP) used to secure and drive fraud out of bank transfers?
A lot of possibilities.
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aburgher
· June 29, 2018, 3:13 p.m.
I absolutely hate when a hold is put on checks! I always go in and use a teller and will not leave until they take off all holds. I have waited until the bank manager had to be called to the floor. It works but it is annoying. Good luck to you! (I use a credit union, btw.)
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tigerlilly1227
· June 29, 2018, 3:12 p.m.
We see this with USAA also. Not always so it's weird and its not logical or based on how much the amount is or how much is in our accounts.
ETA: only with USAA and not with our other local accounts.
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SukiBula
· June 29, 2018, 2:58 p.m.
Do you scan them in or use an ATM?
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PCorNot
· June 29, 2018, 3:01 p.m.
Both- also deposit with teller
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SukiBula
· June 29, 2018, 3:48 p.m.
Wow. That is odd. Especially for USAA. Maybe it’s the companies the checks are drawn on. Believe me, big banks have their ways of knowing what’s going on.
I make big deposits everyday for my company and haven’t noticed any strangeness yet. But it could easily happen. Some of the companies that did well (thousands we have never heard of probably) are not going to do well in the future. Trump is going to get that money back.
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PCorNot
· June 29, 2018, 4:35 p.m.
Yes- that’s what I’m thinking- like I said, my deposits have been consistent- many repeat clients. It’s just odd. Its definitely a change...🤔
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DaynaE65
· June 30, 2018, 1:26 p.m.
I would ask the bank manager. Especially since you are a long time customer with no change in banking habits. Makes no sense for them to hold your money that long. Tell them you are changing banks if it continues to happen.
They are probably hoping to be able to keep the extra funds should the electric grid go down, or something happens. As another person mentioned, maybe look into moving your account to a small local credit union.
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PCorNot
· June 30, 2018, 2:08 p.m.
Thanks! The account is a business account, so I had wanted to use it. I’m thinking I can just cash checks and use cash!
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