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Angry with my bank policies... rant
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<blockquote data-quote="Suz" data-source="post: 330619" data-attributes="member: 29"><p>J- the cu might have put an illegal hold on the check. I was a bank manager for 20+ years. The days of the 10 day hold went out with the dinosaurs, unless the payroll check was over $5K, then see that comment below. The holidays might have complicated matters for you. Take a look- here's something you can quote:</p><p> </p><p><a href="http://www.ehow.com/facts_5763117_legal-put-holds-payroll-checks_.html" target="_blank">http://www.ehow.com/facts_5763117_legal-put-holds-payroll-checks_.html</a></p><p> </p><p><strong>Payroll Checks and Bank Holds</strong></p><p> </p><p>It is legal for your bank to put holds on your payroll checks but only for a limited time. </p><p> </p><p><strong>The First $100</strong></p><p> </p><p><span style="color: red"><strong>Banks are required to make available the first $100 of your payroll check by the next business day after your deposit.</strong></span> Banks can define a business day as they see fit, however, so it is possible to deposit your check on Friday and not have that first $100 available until the following Tuesday. </p><p> </p><p><strong>The Rest of Your Payroll Check</strong></p><p> </p><p><span style="color: red"><strong>By the second business day, your bank must release the rest of your paycheck.</strong></span> So if the first $100 became available Tuesday morning, the rest--up to $5,000--must be available by Wednesday morning. </p><p> </p><p><strong>Payroll Checks Exceeding $5,000</strong></p><p> </p><p>If your payroll check totals more than $5,000, your bank has an additional 10 days after your initial deposit to make available any amount over $5,000.</p><p> </p><p><strong>Avoiding Holds on Payroll Checks</strong></p><p> </p><p>Many banks allow customers to cash their paycheck first and then deposit the cash into their account. This gets around the hold time and makes the funds available immediately. </p><p> </p><p>Suz</p></blockquote><p></p>
[QUOTE="Suz, post: 330619, member: 29"] J- the cu might have put an illegal hold on the check. I was a bank manager for 20+ years. The days of the 10 day hold went out with the dinosaurs, unless the payroll check was over $5K, then see that comment below. The holidays might have complicated matters for you. Take a look- here's something you can quote: [URL]http://www.ehow.com/facts_5763117_legal-put-holds-payroll-checks_.html[/URL] [B]Payroll Checks and Bank Holds[/B] It is legal for your bank to put holds on your payroll checks but only for a limited time. [B]The First $100[/B] [COLOR=red][B]Banks are required to make available the first $100 of your payroll check by the next business day after your deposit.[/B][/COLOR] Banks can define a business day as they see fit, however, so it is possible to deposit your check on Friday and not have that first $100 available until the following Tuesday. [B]The Rest of Your Payroll Check[/B] [COLOR=red][B]By the second business day, your bank must release the rest of your paycheck.[/B][/COLOR] So if the first $100 became available Tuesday morning, the rest--up to $5,000--must be available by Wednesday morning. [B]Payroll Checks Exceeding $5,000[/B] If your payroll check totals more than $5,000, your bank has an additional 10 days after your initial deposit to make available any amount over $5,000. [B]Avoiding Holds on Payroll Checks[/B] Many banks allow customers to cash their paycheck first and then deposit the cash into their account. This gets around the hold time and makes the funds available immediately. Suz [/QUOTE]
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Angry with my bank policies... rant
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