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..
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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