Any bankers in the house????????

[redgtxdi]

I'm going there this morning to try & resolve the situation.


I can even understand the 5 biz day hold, but it's the extra week for the fraction of a check that's causing me grief. It's simply unacceptable.


I *did* deposit it via ATM (which I always do) so that could be the holdup. It may be as simple as going in & asking them to release the hold.

Otherwise............yes..........I will close the account.


Washington mutual would gladly take the money & pay me 5% for idle funds ta' boot!

 

[torpid]

Please tell me you don't make ~$320,000 a year and still use paper checks to deposit it into your account...

 

[redgtxdi]

Originally posted by: torpid
Please tell me you don't make ~$320,000 a year and still use paper checks to deposit it into your account...

LOL.......no. But if I did, it wouldn't matter if I wanted it in paper, plastic, or pennies.

 

[crystal]

It was an out of state check and likely personal so they hold some fund is normal. But the additional hold on that 5K is kinda weird.

 

[waggy]

i had a direct deposit of around 24k held.

they wanted to hold something like 20 days. i blew up and bitched them out. went in and talked to them etc.

took me 5 days to get it released. but man its annoying.

 

[redgtxdi]

Here's how I envision the morning going........

Teller (Bret)


http://youtube.com/watch?v=lNlePuVM3Ic

 

[jlee]

OP: That's normal.

Originally posted by: Greenman

Originally posted by: PottedMeat
isn't $10,000 a magic IRS reporting number or something?

Yes it is. Transactions of 10k or more are reported to the irs. The form the money is in doesn't matter.

Wrong..

 

[krunchykrome]

Originally posted by: CadetLee
OP: That's normal.

Originally posted by: Greenman

Originally posted by: PottedMeat
isn't $10,000 a magic IRS reporting number or something?

Yes it is. Transactions of 10k or more are reported to the irs. The form the money is in doesn't matter.

Wrong..

Cash is reported. Any amount of CASH over $9999 is reported.

 

[alkemyst]

Originally posted by: redgtxdi
What's really funny is that they don't give me interest anyway!!!


I typically have to move money out to a 3rd party Money Market account which I use for savings.

I've deposited large checks into my account before & NEVVAARRR had them pull this crap before. (In TWELVE YEARS OF BANKING WITH THEM!)

Tomorrow it's gonna be...........

"I want funds showing by end of biz today, or close the account & have large bills ready for me to pick up at 5pm!!!" :thumbsdown:

don't let the door hit you in the ass on the way out.

If you had a high enough balance regularly to clear such a check they should let it through...however; being it is out of state they are really protecting you. Next time get a cashier's check they can call and verify.

 

[Metron]

Originally posted by: KK
Show me a bank that won't do the same hold?

USAA

 

[Blindman]

seems reasonable to me that the bank has filed a suspicous activity report due to unusual acitiving to the account.

Also then again it may be your on a list and they flagged your account.

Normal is three buiness day hold for checks to clear. Because the bank would have to request check reimbursment from issuing bank. And I never hear a 10 day hold period myself.

Go talk to your bank see what happens.

 

[jdobratz]

Checking accounts are high risk, low income products for banks. They offer them mostly because they bring customers in and hopefully their business on other products that are profitable for the bank. I am sure banks would do away with checking accounts if they could. That said, they are placing the holds to protect you and themselves.

Take this scenario: you deposit that $10,000.00 check and it is available immediately. You then use that money to purchase something. A week later the bank gets the check back as fraud/NSF/whatever. The bank will take that money out of your account and draw you negative. You now owe the bank money that may not be recoverable. The hold helps protect you and the bank.

Also, the different hold durations is quite common as well. I know that in Wisconsin, it is law that for any share draft instrument presented, $100.00 of the amount must be made available on the next occurring business day. That may vary by state. Also, the type of account it is deposited into has some bearing on this. Items deposited into a share draft account can only be held for five business days but that can go up to twenty days if the item is deposited into a savings account. I am somewhat rusty on these regulations and they will most likely vary on location so take this with a grain of salt.

There is much more that can come into play, but I wont get into here unless requested.

 

[redgtxdi]

Just got back...........



All funds now available. (They started to bullsh!t about needing a copy of the check until I pulled the copy out of my back pocket)

I verified just now to make sure the funds are showing as "available" online......and they are.


All in a day's b!tching!

(P.S. I've carried high balances in the past, but just don't let my 'extra' money sit idle anymore. This is a credit union that offers checking accounts that pay NO INTEREST whatsoever and savings accounts that are circa 2% currently.................believe me............they make PLENTY of money on the percentage of idle cash flow that they can afford to gamble on!)

 

[kranky]

See? Happy ending. Just had to ask.

 

[redgtxdi]

Ya, but sometimes I just enjoy being........errrr.....kranky!

 

[mugs]

http://en.wikipedia.org/wiki/E...Funds_Availability_Act

 

[TheAdvocate]

Originally posted by: CadetLee
OP: That's normal.

Originally posted by: Greenman

Originally posted by: PottedMeat
isn't $10,000 a magic IRS reporting number or something?

Yes it is. Transactions of 10k or more are reported to the irs. The form the money is in doesn't matter.

Wrong..

Actually, you are wrong. Any combination or aggregation of deposits exceed the threshold in one business day MUST BE REPORTED on a SAR (Suspiscious Activity Report).

 

[kranky]

Originally posted by: TheAdvocate

Originally posted by: CadetLee
OP: That's normal.

Originally posted by: Greenman

Originally posted by: PottedMeat
isn't $10,000 a magic IRS reporting number or something?

Yes it is. Transactions of 10k or more are reported to the irs. The form the money is in doesn't matter.

Wrong..

Actually, you are wrong. Any combination or aggregation of deposits exceed the threshold in one business day MUST BE REPORTED on a SAR (Suspiscious Activity Report).

That's not what my banker friend says. SAR is not mandatory on deposits of > $10K. If that were so, they would be filling them out day and night 24/7.

 

[Ns1]

n MSB must file a SAR when it knows or suspects that:

*
The funds come from illegal activity or disguise funds from illegal activity;
*
The transaction is structured to evade BSA requirements or appears to serve no known business or apparent lawful purpose; or,
*
The MSB is being used to facilitate criminal activity.

There are two different dollar thresholds that require a SAR. They depend on the stage of discovery and the type of transaction involved. A $2,000 threshold applies if a customer is conducting or attempting to conduct a transaction(s) that aggregates to $2,000 or more. A threshold of $5,000 applies for transactions identified by issuers of money orders or traveler?s checks from a review of clearance records. These thresholds are known as the $2,000 front door/$5,000 back door rule. The $2,000 front door transactions are face-to-face with the customer. The $5,000 rule applies after the records have been processed at the issuer level, thus the back door.

Examples of Suspicious Activities

*
The customer pays for products/services using musty bills having an unusual or chemical-like odor.
*
A 16-year-old, riding a bicycle, brings bags of cash to a money transmitter to transfer from New York City to Miami.
*
A customer, a retired CPA, frequently sends and receives money transfers of more than $2000 to and from many different people.
*
A customer conducting an $11,000 cash transaction attempts to bribe an MSB employee not to file a Currency Transaction Report.

 

[ponyo]

Originally posted by: TheAdvocate

Originally posted by: CadetLee
OP: That's normal.

Originally posted by: Greenman

Originally posted by: PottedMeat
isn't $10,000 a magic IRS reporting number or something?

Yes it is. Transactions of 10k or more are reported to the irs. The form the money is in doesn't matter.

Wrong..

Actually, you are wrong. Any combination or aggregation of deposits exceed the threshold in one business day MUST BE REPORTED on a SAR (Suspiscious Activity Report).

That's for cash only. 10k in total cash regardless if you deposit into different accounts at the same bank within the 24 hour period.

Checks have no limit and you can deposit millions at once if you wish without having to file a report.

Checks have a paper trail they can track. Cash doesn't.

 

[Mill]

Originally posted by: KK

Originally posted by: smack Down

Originally posted by: kranky
Your CU's hold rules are published and unless they are singling you out (which they aren't), they are doing nothing out of the ordinary. A hold of 10 business days on part of a $10K check is not uncommon in my experience.

As was mentioned, you can ask at the time you deposit a check to have the normal hold time waived and if you have a good history with the bank they will generally accommodate you. They probably would have done it for you if you had asked.

You're going to close your account of 12 years over this? All they are doing is following their standard procedures.

What the hell is wrong with closing an account when you don't like their procedures?

Show me a bank that won't do the same hold?

Raymond James

 

[redgtxdi]

Well, all in all, I think things went well.


In fact, I even noticed someone hosted some video of the event at the bank..........hmmm.......who'da' thunk???


http://youtube.com/watch?v=YykfDFEk3y8

P.S. As he was removing the hold from my account, I simply made idle chit chat about whether he felt "lucky" like, during visits to Vegas & stuff. He apparently mistook my question for aggression. Good thing I had my trusty Colt 45 on me or I might have been hurt.............by my own bank, even!! Sheesh!!

 

[alrocky]

Originally posted by: redgtxdi
Washington mutual would gladly take the money & pay me 5% for idle funds ta' boot!

Why not open an account there and take the 5%?

 

[redgtxdi]

To be honest, I'm highly considering it.

I'm lazy so it'll take some motivation & I like the *idea* of a 12yr relationship w/ the credit union, but it'd have to be a committed decision 'cuz I wouldn't want to have both accounts.

I'll talk about it with the old lady & see what she thinks.

 

[alkemyst]

SAR <> reporting transactions more than $10,000 USD. One is more crime based they other is more IRS/Tax based.