Is this normal when opening a new bank account in the Charlotte area? (movers, home)
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This happened to me when I joined Wachovia. My 1st deposit was a paper check before I switched to DD. The held if for 11 days, but once I switched to the DD, the hold disappeared.
I had the same thing when I opened my account a couple of years ago. I was receiving checks for unemployment from the State of California and there was a hold on each of them for the first 90 days that the account was open. I don't deal with checks very often so I don't really have any ongoing experiences.
I did learn one interesting thing though. I had a check drawn on a Canadian bank (which I've ALWAYS had at least a 5 business day hold for) and I got to the bank late so deposited it at the ATM. A couple of days later I get a registered letter with the check in it saying that I MUST bring the check into the bank to deposit it (it was for $300, and was in US$)!!
The other option is to have enough in the acct or in the savings acct to cover the check that you are depositing, lest the deposited check bounces or is other wise not any good.
This is more about the bank getting some free use of your money rather than protecting themselves against a bad check. They could call your bank to see if the funds were there for example. You can get around this by getting a money order from your old bank to deposit in the new bank.
I highly recommend looking to see if you are eligible to join a Credit Union. These are non-profit so they are much nicer to their customers than the commercial banks.
I tried to join Founders - but don't 'Qualify' at the moment - my friend is working on helping me get an account there - I will use it for my savings.
Why not transfer the funds from one account to the other online? That usually only takes two or three days.
The banks are different - not sure how I could do that - plus, that really isn't the issue -the issue is my old bank is in KS, I am here, I have checks for my new account to get it going - but they hold each one for 11 business days which translates into about 15 days.
I am fine with my funds, I just don't see the purpose and it would be a lot more convenient for me to start using my new account to pay for stuff, that's all. I would like to be able to cut ties/close my KS bank account when I go back the first part of June.
This happened to me when I joined Wachovia. My 1st deposit was a paper check before I switched to DD. The held if for 11 days, but once I switched to the DD, the hold disappeared.
I work for myself, so I can't get the checks DD.
Here is the scenario - I do the work, I invoice 30 day net, I get paid - usually in 30 days then I have another 15 days I have to wait for the check each time. It is just a big pain in the arse right now!
That happened to us five years ago when we opened our accounts and BOA. They said for the first 30 days they would place a hold on any checks that we deposited. So we took the checks to the bank that they were drawn on, cashed them, then deposited the cash.
That happened to us five years ago when we opened our accounts and BOA. They said for the first 30 days they would place a hold on any checks that we deposited. So we took the checks to the bank that they were drawn on, cashed them, then deposited the cash.
Unfortunately, my checks that I get from clients often come from MO and KS, wh/ is KansasChick's situation . . . and the banks are not here, such as Commerce, and UMB, etc. So no way to take the checks to a bank here and cash them - and then deposit the cash.
That happened to us five years ago when we opened our accounts and BOA. They said for the first 30 days they would place a hold on any checks that we deposited. So we took the checks to the bank that they were drawn on, cashed them, then deposited the cash.
That's the way to do it. I had to do that 2 years ago with a check I had received. My bank at the time said that they would have to hold the check for X number of days. I took the check to Chase, which is the bank that the check was drawn on and they cashed it for me and then I deposited the funds into my account.
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