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Totally Pissed!!!!!

Discussion in 'Business & Tax Advice' started by suga051982, Feb 5, 2010.

  1. suga051982

    suga051982 Regular Member

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    I deposited 2 checks from CPA networks in my bank today. The total amount of both checks was about $1700. On my receipt I noticed that a "security" hold had been placed on my money. I was a little miffed, but just decided to call them when I got home to resolve the issue. Well, I just got off the phone with customer service. They informed me that anytime they "feel" they will not be able to collect the funds from the check, they place a hold on the money. I informed the cs agent that I am self-employed & have previously deposited checks checks from these same 2 companies in my accounts and the bank has never had any problems. Furthermore, how the hell does an atm machine know that the bank will not be able to receive the funds from the check? She asked me what did I mean. I told her that I made the deposit at an atm, not a counter. She said their security measures determine which deposits are flagged. I informed her that this type of service is unacceptable. I need cash flow to run my business and they have now put me at a disadvantage.

    They didnt care. I was told that if I have to take my business to another bank, that I should do that.

    Anyone know of any banks that dont play these games???

    BTW, the bank is Bank of America.

    Thanks for any suggestions.
     
  2. ClintAButler

    ClintAButler Newbie

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    I have run into the same issue with my bank, their concern was that they are from Canadian bank. After the first time they did the hold I have not run into the same issue. Next time I would suggest just depositing them at the counter and they will tell you right then and there if they are going to put a hold on the funds.
     
  3. suga051982

    suga051982 Regular Member

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    Clint,

    I appreciate your sentiment. However, I have deposited checks from these exact 2 companies before. Just last month & December & November, & October. I am curious to know why, after 4 months, now they need to be placed on hold???

    Thats the frustrating part. If this was the first time then I can understand.
     
  4. HoNeYBiRD

    HoNeYBiRD Jr. VIP Jr. VIP

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    you have to be prepared this kind of things if you deal with checks, the banks are not paypal with its instant payment system, if you cashout checks your bank give you the money before they get it from whom issued you the check, so if any reason occurs and your bank doesn't get the money but they gave it to you, you have to pay back them, so that's why they sometimes hold it back even for weeks because of its own security
    the interesting part is that they do this all of a sudden and not for the first time...
     
  5. blackma

    blackma Power Member

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    Yes this happens. They 'hold' your money (gamble it on Stock Exchange) and then eventually give you your money back.

    TIA
     
  6. mrunknown

    mrunknown Regular Member

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    Its because of the atm anything over $999 i always take the time to walk in the bank to do what needs to be done

    BTW a CS agent gave me this tip
     
  7. userlogsin

    userlogsin Jr. VIP Jr. VIP Premium Member

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    Well, Not that I am an expert but these banks are required to place such holds to avoid operational losses often referred to as 'bustout'. This is when an individual is trying to inflate their bank balance or credit card available by providing false checks that will not be honored. And in this situation the bank ends up suffering a loss of double the amount they had expected if the customer defaults.

    In order to avoid such things the bank places an inbuilt, automatic system that scans various aspects on the account to determine if a hold is necessary. Some hints are - change in account history, change is purchase patterns, change in deposit history or even a change in spending pattern. These things may not be related to the payment itself but very much affect a hold.

    I dont know how to avoid this in a checking account but for credit cards you can use more assured methods of payments (guaranteed payments) to avoid these situations.

    one more thing you can do is contact the company that sent you the check and ask them if your check has been encashed. If it is then call up your bank and tell them that you need the funds immediately because of an emergency and escalate the situation. If you do that you may have a sleek chance of the funds being available before the promised timeframe.
     
  8. absinthekid1

    absinthekid1 Junior Member

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    Don't go to chase bank or else you'll run into worse problems. They investigated my account because they didn't know what paypal was. WTF.
     
  9. suga051982

    suga051982 Regular Member

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    This is not the first time I have deposited over $1500 via atm. its shocking to me that this happened now, after 4 months of check deposits ranging from $800-$3500. I never had a problem until today.

    That's bad for business, theirs and mine.
     
  10. Blueprint

    Blueprint Jr. VIP Jr. VIP Premium Member

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    banks are total idiots, even though it's YOUR money it's hard to get! I recommend off shore banking!
     
  11. geezer466

    geezer466 Regular Member

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    Standard practice in the UK. All cheques even those from other banks and or building society's (as good as banks) have to go through the clearing system before the funds become available to be drawn upon.

    Can be up to 3 or 4 working days to get hands on dosh after paying in the cheque.

    Only paper here that is any good in the bank on the day is either cash itself or a bankers draft (as good as cash) but a hefty fee is levied on the writer (payee).

    Just a way of life over here most people pay these days with debit/credit cards where the cash clears in 1 working day. Report the other day on the news says they are phasing out cheques here and they will be gone completely by 2016.