A little financial tip for you all

[Hook]

If you ever deposit a check that the bank puts a hold in for an extended period of time,
Remind them of this: http://www.gpo.gov/fdsys/pkg/USCODE-201 ... chap41.pdf

Especially the part about if the check is drawn on a local bank where federal law say they must make the funds available in 2 business days.

Enjoy!

 

[TennesseeTuxedo]

Good post Hook.

 

[TexasBred]

If you ever deposit a check that the bank puts a hold in for an extended period of time,
Remind them of this: http://www.gpo.gov/fdsys/pkg/USCODE-201 ... chap41.pdf

Especially the part about if the check is drawn on a local bank where federal law say they must make the funds available in 2 business days.

Enjoy!

If drawn on another local bank I usually just take the check to the bank it is drawn on and ask for a cashier's check "with valid proof of identity".

One other bit of info: A stop payment can be put on a cashier's check. :shock:

 

[Alan]

Had that, a stop payment put on a $5k. Sheriff got involve to get a new cashiers check from the party. I now deal cash only! Good thread!

 

[Hook]

This particular check was made out to the business so I couldn't cash it. The bank (I've been dealing with for 12 years) put an 8 day hold on it. So I started doing some research since they've been putting holds on larger checks for some time now and found that information.

 

[3waycross]

If you ever deposit a check that the bank puts a hold in for an extended period of time,
Remind them of this: http://www.gpo.gov/fdsys/pkg/USCODE-201 ... chap41.pdf

Especially the part about if the check is drawn on a local bank where federal law say they must make the funds available in 2 business days.

Enjoy!

If drawn on another local bank I usually just take the check to the bank it is drawn on and ask for a cashier's check "with valid proof of identity".

One other bit of info: A stop payment can be put on a cashier's check. :shock:

Had it done to me years ago by a fella who thought he could getaway with not paying for $10,000 worth of groceries.

He actually laughed when I confronted him about it. He quit laughing when the a$$ whippin started.(I was younger then) He gave me cash before the day was done.

 

[Hook]

Situation resolved. They admitted with my banking history there was no reason for the hold. In the interest of being accurate, there is a section that allows an exception if the deposit is over 5k. But it's an exception and not a rule, so it's subject to the teller taking the check. In this case it was a fng

 

[Bigfoot]

Sorry hook, I didn't read all of your attachment. Pretty impressive document. I've been out of banking for 22 years. My memory was of a one day hold on a local check, and 4 days on an out of town. That may be wrong 22 years makes things hazey. The 4 told hold is entirely too long, if that is still the case.

 

[Hook]

Bigfoot, they wanted to put an 8 day hold on half the deposit.

 

[TexasBred]

One other bit of info: A stop payment can be put on a cashier's check. :shock:

Had it done to me years ago by a fella who thought he could getaway with not paying for $10,000 worth of groceries.

He actually laughed when I confronted him about it. He quit laughing when the a$$ whippin started.(I was younger then) He gave me cash before the day was done.[/quote]

Yep, had the same thing happen many years ago with similar results. :nod:

 

[skyhightree1]

I absolutely hate dealing with checks. The only checks I would rather deal with comes from the local or state gov't. I do not accept checks from home owners. I have had too many problems in the past. I will tell them get a money order or several or cash...

 

[Hook]

I absolutely hate dealing with checks. The only checks I would rather deal with comes from the local or state gov't. I do not accept checks from home owners. I have had too many problems in the past. I will tell them get a money order or several or cash...

I don't have that option in this line of work. They will just go to someone else. I've only had 2 customer checks bounce in 20 years so that's a pretty good track record compared to others in the business I think.

 

[skyhightree1]

I absolutely hate dealing with checks. The only checks I would rather deal with comes from the local or state gov't. I do not accept checks from home owners. I have had too many problems in the past. I will tell them get a money order or several or cash...

I don't have that option in this line of work. They will just go to someone else. I've only had 2 customer checks bounce in 20 years so that's a pretty good track record compared to others in the business I think.

Excellent track record. Here I refer alot of resi work to my friend I mainly deal with commercial properties and state and local gov't. I will do some resi jobs if they are big enough but not many at all. I have had too many bad experiences especially when we had hurricane isabel here and it tore the place up after clean up was finished I swear to you I stayed in court so much some people though I was a lawyer. It all stemmed from checks.

 

[Hook]

Yeah, I could never be in the tree business even here. It's a rough go.

 

[Red Bull Breeder]

To many banks out there to put up with one that don't want to do right.

 

[chippie]

thanks for the info Hook.

It is ridiculous in this day and age for a bank to hold funds. Everything is done electronically and the bank finds out pretty quickly if the check is good or not.

 

[skyhightree1]

Yeah, I could never be in the tree business even here. It's a rough go.

Yes sir its a rough go here residential wise. The only thing keeping my doors open is commercial jobs.

 

[TexasBred]

thanks for the info Hook.

It is ridiculous in this day and age for a bank to hold funds. Everything is done electronically and the bank finds out pretty quickly if the check is good or not.

Actually most banks are still pretty archaic about how they do some things. Make a deposit and they'll run it thru a little posting machine etc. but it is simply "memo posting". The transaction is not actually recorded to your account until that night. The same with cashing a check in the bank. You still see couriers coming and going every morning bringing them their finished work or picking up their work for that nights posting.

 

[3waycross]

thanks for the info Hook.

It is ridiculous in this day and age for a bank to hold funds. Everything is done electronically and the bank finds out pretty quickly if the check is good or not.

Actually most banks are still pretty archaic about how they do some things. Make a deposit and they'll run it thru a little posting machine etc. but it is simply "memo posting". The transaction is not actually recorded to your account until that night. The same with cashing a check in the bank. You still see couriers coming and going every morning bringing them their finished work or picking up their work for that nights posting.

Last week I wrote a check on my cattle account and deposited it in my regular checking account and they put a hold on it.......can't blame em, I don't trust me either!!!

 

[TexasBred]

Last week I wrote a check on my cattle account and deposited it in my regular checking account and they put a hold on it.......can't blame em, I don't trust me either!!!

:lol2: :lol2: :lol2: To really cover their azz they should have just locked down both accounts. :hide: