Most banks put long holds on large dollar volume checks. Especially when these checks are from out-of-state. It's because if the check is bad, it takes about two weeks for the check to be returned to the bank where you cashed it. After the bank where it's drawn determines that the check won't be paid it has to be returned to its regional Federal Reserve Bank. And then they sort through them and return it to your bank's regional Federal Reserve Bank. And then they sort through them and return it to your bank. And then they have to sort them and enter the information. If the bank where it was drawn on has a branch in your area, I would have cashed it there. Then you could have taken the cash to Wells Fargo and deposited there. I had to do the same with a large check drawn on Wachovia and then deposit the cash at BofA.
by shoredude2 - 10 hours ago
The bank prob has it. Just trying to leach as much interest off it until you're able to get you're hands on it
by Tricia - 10 hours ago
Each bank sets its own conditions on funds availability. These holds are due to the extensive incidents of counterfeit and NSF checks. Your deposit will ultimately be "back credited" to the date you made it; the funds just aren't available until the waiting period ends.
by kj566 - 10 hours ago
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