Banking question: Am I justifiably pissed?

wasted pixels

I just went to my bank to deposit a $2,000 check. It's from a client who has paid me via check several times before, and always for several thousand dollars at a time. A completely unremarkable transaction.

My bank normally makes my funds available to me the same day they're deposited. Sometimes I wait a couple of business days on out of town checks, but that's normal. So I was pretty taken aback when (without even really *looking at the check*) the clerk merrily announced (quite loudly, for the lobby to hear), "Oh, we're going to have to put a hold on this check!"

Now of course I wanted to know why, and it seems that they're holding the check on a "case by case" basis. She even typed that out on the notice of delayed availability; "[x] Other: Case by Case", rather than checking one of the fifteen boxes that offer meaningful, tangible reasons (that I could argue against, natch) why they'd hold a check.

My account is in perfect standing, I've never had a problem with checks from the same client, and I have no idea what gives. I was really hoping to have the money available this week, so I might just be unreasonably upset. It just feels very... accusatory, the whole way she handled it. Is this a normal thing I've just never bumped into, or am I right to be mad about it?

KMFurDM

I'd talk to a higher up if she can't give you a straight answer. I would just like to know why, not "just because".

So...pissed, no. Irritated, probably.

iTunesIsEvil

KMFurDM wrote: »

I'd talk to a higher up if she can't give you a straight answer. I would just like to know why, not "just because".

So...pissed, no. Irritated, probably.

Pretty much. I think talking with a supervisor about it would be a good idea. And really it sounds like the issue is her handling that in what I would call an unprofessional manner and not that your money isn't available right away. If your bank cannot give you a good reason for what they do with your money then they have no business holding it for you and you should let them know that. Tell her super that you don't appreciate something like this being discussed in a voice that the rest of the bank can hear and secondly you are very concerned that you just had a $2000 check taken from you and you were not given a satisfactory reason as to why it will not be posted to your account in the manner it normally is.

I can understand though. If that money needs to be there for bills or something equally important and they're holding it over your head being pissed is understandable and the bank's manager needs to know that, otherwise there's no incentive for them to treat you otherwise. Not that they should have in the first place, but you know how banks tend to be.

Dropping Loads

I also agree w/ Tunes & KM. It seems like the problem isn't necessarily their decision, but the way they chose to handle it. I had a couple of problems like this when I switched from Bank of America to a local credit union. When you go back to talk about it, try to keep the conversation focused on getting a clear explanation instead of "you assholes took my money". Banks get that all the time and just tune out, but if your comment comes off as "I need your expertise to help me understand the banking industry." You'll get a lot better response. Catch more flies with honey.

Paul_IQ164

It doesn't even make sense, does it? You can't do one thing on a case-by-case basis.

Djeet

it sounds like the bank was concerned about the availability of funds in the checkwriters account, and placed a hold on crediting the funds to your account until they receive funds from the checkwriters account.

this happened to a friend of mine. she sometimes gets paid in out-sized checks from her boss. they always cleared quickly. once, one of these checks bounced. subsequently, only large checks written to her from her boss' account had holds placed on the check (smaller denomination checks cleared normally). this eventually got sorted out so the holds were no longer placed upon depositing large checks, but i'm not sure if her boss sorted it or if the post-bounced-check clearing history (it only happened once) cleared it up.

tallgeeze

I work in the banking industry. At one time I was a teller, now I'm in the backroom operations. Placing a hold on a check depends on which bank the check is from, if there any flags on this checks/accounts, and which "by the book" teller you get.

Since they are placing a hold on the check I assume it's not the same bank. At this point I would have looked at you deposit history and see if you get around the same amount for a period of time. If I did see this I wouldn't place a hold. It sounds like you got a new teller who hasn't learned the in's and out's of his job well. Now, sometimes(in my bank anyway) the computer system gets a the bright idea this particular deposit needs a hold on it. why you ask? you may have irregular banking activity, which include large amount of money going in and out frequently. The hold is place because the bank thinks your kiting checks.

Kiting checks is when you write deposits checks from other bank you opened accounts in and take out the money before the money is cleared. This usually involves 2-3 banks and is a big part of fraud.

If this is a bank you go to all the time I suggest you become friendly with whoever is there. If you go to the drive thru all the time and then go inside for some reason the people at front are not gonna know as well as the people in the back(I think that was a run-on sentence. oh well ).

It sounds like you may got a new person who doesn't know they can bend the rules a little. Next time ask them politely to look up your deposit history and you shouldn't have that problem. Just don't be rude because the banking community can be real dicks if you act like an asshole.

Ediit: I hope that makes sense. I'm at work, so I'm multi-tasking.