Bank holds..................

[magyar123]

Has anyone experienced shorter bank hold times on deposited checks?
When the banks came up with the Check 21 scam a few years ago, checks that you wrote cleared faster because of the new system, but banks do not live by the same rule when it comes to availabilty of your funds when you deposit a check.

[CindyLou]

Could depend on a few things. Your banking history and the banking history of the person writing the check. For example. If you have a new account, a bank could choose to hold any deposit for up to 10 days. Or if you are an established customer they could choose to only hold a check for up to 3 days. But in the case of an established customer with an estabished employer they may allow the funds to be available immediately. That is how it is with my bank and my employer now. I have been with my bank for two years and my employer for one year and now they will let me actually cash my payroll check whether the fund are available or not. So I don't think there is any hard and fast rule that all banks go by.

[nosrus77]

Actually, there are hard rules established by the FDIC. It all depends on what type of check you're depositing. Insurance drafts can have a hold, out of state checks, two-party checks, etc. From no hold, to as long as a 10 day hold.

It all depends primarily on the type of check and if it is local or not. . . .

[BKOnce]

Computer programmed-automatic-intelligence .. programmed check scan deposit/debit

[magyar123]

The point I was trying to make with my original post is that the banks are getting the funds faster after they invented that Checks 21 scam a few years ago, BUT they impose a "hold" time for their customers before he/she can access those funds.
Assume you live in Miami and have a B of A account. Your grandma who lives in Seattle, has a WAMU account, and sends you a check for $500. B of A will get the funds from WAMU within 24 hours.
B of A will draw interest from that money for up to so many days, probably 5 to 6, but you can not access those funds. There is something really wrong with this picture.

[tradewiz50]

The point I was trying to make with my original post is that the banks are getting the funds faster after they invented that Checks 21 scam a few years ago, BUT they impose a "hold" time for their customers before he/she can access those funds.
Assume you live in Miami and have a B of A account. Your grandma who lives in Seattle, has a WAMU account, and sends you a check for $500. B of A will get the funds from WAMU within 24 hours.
B of A will draw interest from that money for up to so many days, probably 5 to 6, but you can not access those funds. There is something really wrong with this picture.

How is that wrong? You always welcome to cash your checks at a checking cashing place for a 10% fee of that amount.

[AMISLANDER]

How is that wrong? You always welcome to cash your checks at a checking cashing place for a 10% fee of that amount.

How is it wrong....when you deposit CASH into BOA and they hold it for 24 hours when it goes in before 1 pm/2pm cut off....if they can debit it quick as it goes out, same should go for deposits.