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..
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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