why would a bank put a hold on a bank check?

[MissMillie]

I deposited a bank check, along w/ some cash, into my checking account today (actually, my son made the deposit for me). They did not tell him that there was a hold on the check, but when I check online, my account shows that the cash was deposited, but not the check.

I have a deposit slip, so yes, he did make the full deposit.

I get that personal checks need to clear, but a hold on a bank check?

[grasswire]

1. they'll do anything to keep your money a little longer

and if they're really lucky, a check will bounce in the interim so they can charge you a penalty! Whee!

[MissMillie]

4. nothing will bounce

but geez....

[flvegan]

2. Lots of banks (lenders) are tanking right now.

We get alerts every day not to take a check (for a closing) from this 'n that bank, but to only accept wired funds.

[MissMillie]

3. this was a withdrawal from my employee credit union

Literally, they would not have sent me the check if I didn't have the money to cover it.

And it's not even for that much money.

[flvegan]

6. Maybe the feds finally caught up with you.

Kidding. I'm sure it's procedural.

[MissMillie]

8. lol....

It's possible they have me confused w/ my twin sister. We have the same first name.

[MrCoffee]

5. did he deposit it in person, or through an ATM?

how much was the check for?

usually it's bank policy to place holds on large checks. unless you specifically point out to them that it's certified, they'll just place the hold as a matter of course. the teller has to override the automatic hold. at least, that's how it was at the bank i worked at.

[MissMillie]

7. in person

$150

[MrCoffee]

9. sorry, i didn't mean for you to post the specific amount...

that seems unreasonably low for them to put a hold on. if you need the $ immediately, you can probably go talk to the bank and get them to release the funds.

[MissMillie]

10. I don't think I *need* it right away

there's enough there to cover one outstanding check, as well as to put gas in my car. I'll get paid on Wed. and that will take care of the issue.

I guess I just wanted Chinese food for supper....

[Midlodemocrat]

11. I think that the bank issues immediate credit for cash, but

checks won't show up until the system updates at midnight or thereabouts. That's the way my bank works. :shrug:

You should more than likely see the deposit first thing in the AM.

[ghostsofgiants]

12. My bank puts a 6 business day hold on all cheques including government cheques.

It's a piss off.