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Ridiculous "Holds"


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6 replies to this topic

#1 fatdon

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Posted 28 June 2005 - 03:12 PM

TCF is relatively new to Colorado Springs. Imagine my surprise when a deposit of a corporate check for $8,000 was "held" (Funds not Available) for five (5) business days! Talk about playing the "float"! Even in this world of "electronic banking", 5 days is ridiculous!

#2 vivyip

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Posted 28 June 2005 - 05:02 PM

My bank holds upto 5k to 5 days.

Anything else more than 5k is 6 days. I think they're required to hold at least 5 days for 5k...unless you're a really good customer or something...

#3 mnl8844

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Posted 29 June 2005 - 01:32 AM

i had tcf in illinois, and i never had that kind of hold time. it was available the next buisness day. but i never deposited anything more then a few hundred

#4 dudetheobscure

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Posted 29 June 2005 - 05:10 AM

QUOTE(fatdon @ Jun 28 2005, 03:12 PM)
TCF is relatively new to Colorado Springs.  Imagine my surprise when a deposit of a corporate check for $8,000 was "held" (Funds not Available) for five (5) business days!  Talk about playing the "float"!  Even in this world of "electronic banking", 5 days is ridiculous!
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My bank's even worse -7 business day hold.

#5 markber

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Posted 29 June 2005 - 09:24 AM

TCF bank in MI makes, at least, small check deposits (<$1000?) available immediately.

#6 nanotech

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Posted 01 July 2005 - 09:23 PM

My UnionPlanters bank (recently acquired by Regions Bank) held a $200,000 check of mine for TWO WEEKS before funds were available for me.....that's more than $250 in interest at 3.5%!

#7 doglar

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Posted 31 July 2005 - 05:11 PM

Check the interest calculations...I say banks 'take your time' - on bank to bank transfers, say pulling money from one bank to the other - the pulling bank usually starts adding intrerest the day of the initiated pull (if compounded daily) and the other bank also pays interest on the same money until it "clears" - so for that 5 days...you can collect interest from both banks on the same money - start your transfers just before a bank holiday....:
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