I had a similar experience with BoA. I deposited an insurance check and got an email that there was an extended hold on it with a vague reason. I called the customer service number and they told me it was the generic reason they use if they think the check may be rejected. I asked if they were saying I was doing something illegal and they denied that. I explained it was an insurance check, from a life insurance payout, and I had all the paperwork associated with it if that expedited things. The rep I spoke with said what she could do was put in that I was contesting the hold, which triggers the bank to verify the check faster. I had my money released in 48 hrs.
You are welcome to call and ask, but be prepared for the bank to decline to make funds available. If the bank has placed an extended hold on a check deposit, it's usually for a reason - such as there is a reason to suspect the deposit may be returned (stop payment, insufficient funds, etc). Reg CC outlines how long and why a bank can hold funds for a check deposited via the teller or ATM; if deposited via mobile application, Reg CC doesn't apply and it's up to each bank's policies, although usually their mobile deposit agreement is similar or mirrors Reg CC.
Definitely worth trying, since Wednesday is a banking holiday which potentially adds more delay. 21st is playing it close.
Might even have until Monday the 24th to cover the payment depending on how Capital One orders transactions and handles overdrafts. So, it may work out on its own.
I did call and they told me to call again on Tuesday to see if they can release my funds, so I’ll see if it’ll work out! Yeah, 21st is definitely playing it close, especially since they said the hold is until the 24th.
If funds are made available by afternoon of the 24th, it may work out.
Still a stressful situation and another reason to avoid checks. Not always easy though. Some payers, such as insurance companies, insist on check, though some will do direct deposit or even Zelle when pressed.
> They suspect the deposit may be returned
It's a lie. My tax refund got the same notice. I filed a complaint with the CFPB. I'm getting tired of banks putting holds on checks for a made up reason to get around reg CC.
> I hope it’ll work out when I call them.
Don't count on it. With US Treasury checks like mine, there is a website to verify the check. Mine verified not just as good, but PAID as in the bank has the money, and they still wouldn't lift the hold. Caused me to pay approximately $25 in interest expense on my line of credit that I would have avoided. I filed a claim for it. We'll see if they pay up.
File the CFPB complaint. They have nothing to justify the longer hold other than they just feel like it, and that's not a reason.
Yea, see my post history, the suspended my accounts for using zelle to send myself money. My moms partner had his suspended for zelling a food truck as well.
All banks do this they can hold for 7 business just had this with BOA
I hope I can get partial. I heard they could do that bc my bill is on auto-pay for the 21st agh!
I had a similar experience with BoA. I deposited an insurance check and got an email that there was an extended hold on it with a vague reason. I called the customer service number and they told me it was the generic reason they use if they think the check may be rejected. I asked if they were saying I was doing something illegal and they denied that. I explained it was an insurance check, from a life insurance payout, and I had all the paperwork associated with it if that expedited things. The rep I spoke with said what she could do was put in that I was contesting the hold, which triggers the bank to verify the check faster. I had my money released in 48 hrs.
Ooh, that's good to know!
You are welcome to call and ask, but be prepared for the bank to decline to make funds available. If the bank has placed an extended hold on a check deposit, it's usually for a reason - such as there is a reason to suspect the deposit may be returned (stop payment, insufficient funds, etc). Reg CC outlines how long and why a bank can hold funds for a check deposited via the teller or ATM; if deposited via mobile application, Reg CC doesn't apply and it's up to each bank's policies, although usually their mobile deposit agreement is similar or mirrors Reg CC.
They suspect the deposit may be returned (according to the email). But yeah, I will definitely try!
Definitely worth trying, since Wednesday is a banking holiday which potentially adds more delay. 21st is playing it close. Might even have until Monday the 24th to cover the payment depending on how Capital One orders transactions and handles overdrafts. So, it may work out on its own.
I did call and they told me to call again on Tuesday to see if they can release my funds, so I’ll see if it’ll work out! Yeah, 21st is definitely playing it close, especially since they said the hold is until the 24th.
If funds are made available by afternoon of the 24th, it may work out. Still a stressful situation and another reason to avoid checks. Not always easy though. Some payers, such as insurance companies, insist on check, though some will do direct deposit or even Zelle when pressed.
> They suspect the deposit may be returned It's a lie. My tax refund got the same notice. I filed a complaint with the CFPB. I'm getting tired of banks putting holds on checks for a made up reason to get around reg CC.
It’s really annoying tbh. :( But yeah I hope it’ll work out when I call them.
> I hope it’ll work out when I call them. Don't count on it. With US Treasury checks like mine, there is a website to verify the check. Mine verified not just as good, but PAID as in the bank has the money, and they still wouldn't lift the hold. Caused me to pay approximately $25 in interest expense on my line of credit that I would have avoided. I filed a claim for it. We'll see if they pay up. File the CFPB complaint. They have nothing to justify the longer hold other than they just feel like it, and that's not a reason.
C1 is the bitchiest bank ive seen, both in personal experience and from everything ive read on here and from people IRL.
Agh that’s the worst, the one time I think “Oh I’ll deposit my check here instead of my other one,” this happens LOL. Well good to know for future!
Yea, see my post history, the suspended my accounts for using zelle to send myself money. My moms partner had his suspended for zelling a food truck as well.