new post HOW BANKS ARE KEEPING OUR MONEY
Here are some of the ways banks or using our money for free: THE % BEING MADE ON OUR MONEY IS UNREAL
Funds Availability Answers from the OCC A friend wrote me a check to repay a small debt. The bank that the check is drawn on has released the funds, but my bank is still holding the funds. www.helpwithmybank.gov/get-answers/bank-accounts/funds…
Resolved · 2 total answers Feb 22, 2010 · Best Answer: usually for some odd reason (let me guess Bank of America???) puts a “hold on funds” i.e. if you deposit your pay check it won’t clear … answers.yahoo.com/question/index?qid=20100222082319AA1DAAu
"Bank is holding funds" what does this mean?!?!? I ordered something online last night on my credit card and I got an email that my credit card was charged for $80 (the price of the item) twice. At first I thought the company charged me twice, but they said they charged me once and that the second charge was “a decline that your bank is holding the funds for” and “that is pretty typical, and should get posted back to your card within the next 24-48 hours.” What does this mean? 2 years ago Report Abuse Additional Details Also, the card that I used was a credit card (master card), not a debit card. 2 years ago
A funds availability policy is a set of rules your bank uses. When you make a deposit, you can’t always spend all the money. A portion of your deposit may be frozen or held by the bank. Learn how funds availability works and what to expect. Holding Deposits When you deposit a check, the bank has to collect funds from whoever wrote the check to you. Normally there’s no problem; funds transfer quickly, and deposits and withdrawals flow smoothly and evenly.
How long can a bank hold deposit? By Dr. Don Taylor, Ph.D., CFA, CFP • Bankrate.com Dear Dr. Don, I have a check for an annuity distribution from John Hancock, drawn on a JPMorgan Chase account. I went to a branch of Chase and was told they did not have those kind of funds in their branches — less than $50,000. I wanted to cash the check to avoid Wells Fargo holding the funds, once deposited, forever and ever. I ended up having to deposit the funds at Wells Fargo. I can’t find anything on the Internet that specifically outlines how long a bank can truly, and legally, hold up your funds. Chase and Bank of America have both told me that federal law prohibits any deposits from being held more than seven business days — Wells Fargo is holding 90 percent of the funds for 11 business days. While I am no expert, I’d venture to bet that Wells Fargo will have the funds from Chase within three to five business days. Is there any Web site that specifically outlines hold periods for banks? — Kevin Check