Bank Account Holds
- Thread starter Air Advocate
- Start date
My wife and I have a joint chequing account and a few years ago we discovered that I didn't have that hold placed on anything I deposited, but my wife did. Which I always thought was odd, given that we were married, and this was our shared account. The difference was likely that I had been a customer of the bank for several years with another account but she was new to the bank.
She also had lower ATM limits on this account (something like she could only take out $100 a day/$400 week or month). She finally talked to the bank about it and they changed it, but it wasn't automatically done.
Have you talked to the bank about having the limit removed, or asked what their criteria is for removing the limit?
She also had lower ATM limits on this account (something like she could only take out $100 a day/$400 week or month). She finally talked to the bank about it and they changed it, but it wasn't automatically done.
Have you talked to the bank about having the limit removed, or asked what their criteria is for removing the limit?
enough people? enough people for what exactly?
As for the five day hold.... that typically only happens if you've deposited a cheque from a competing bank, which is larger than what you currently have in your account. Your bank wants to be sure they can reclaim that money from you account if the cheque bounces. Those are the sorts of terms you should discuss with your banker before opening an account.
Oh, and when you sell international stocks, you can end up with even longer holds.... but it doesn't sound like that's the issue you're discussing.
I found this had a lot to do with credit. When I opened my first bank account I had holds on everything - a limit of $100 a day, and I could only take out $500 a month - it was ridiculous. When I turned 19 I got a credit card, built up my credit, talked to the bank and they raised my limits considerably. They still aren't that high, but they're good enough for what I need. The longer I have good credit, the easier it will be for me to raise my limits.
There is a tremendous amount of fraud that occurs with new transactional clients. Unless funds are guaranteed a five day hold will be the norm until the customer is more established or opens services behond a single transaction account, e.g. mortgage.
same thing happens when i get a cheque and put it into our joint account. I doubt the same would happen for my wife since she has excellent credit. I suspect I have good credit too but only in the UK.
Do you not think with electronic age things move faster
[FONT="]Why does a bank need are money for an extra five days. They say they do not use it or spend it but in the banking industry they spend money before they even have it.
For example why does Walmart reinvest there money even before the money bags have been counted. The armored car shows up at 11 and Walmart reinvests it by 2 in the afternoon. With in three hours Walmart has spent this money. [/FONT]
[FONT="]Why does a bank need are money for an extra five days. They say they do not use it or spend it but in the banking industry they spend money before they even have it.
For example why does Walmart reinvest there money even before the money bags have been counted. The armored car shows up at 11 and Walmart reinvests it by 2 in the afternoon. With in three hours Walmart has spent this money. [/FONT]
Look at it from their point. You've got $10 in the bank, you want to cash a $100 cheque. They've known you for 6 months. What's to stop you from putting in a bad cheque and running off with the money?
I'm not saying the above scenario applies to you, but it's kind of hard for banks to say, "Oh, he or she has an honest face, let's waive our procedures." Build up a bit of a history with the bank and they will waive the waiting period for sure.
I'm not saying the above scenario applies to you, but it's kind of hard for banks to say, "Oh, he or she has an honest face, let's waive our procedures." Build up a bit of a history with the bank and they will waive the waiting period for sure.
It's not really about procedures IMO. The teller should be able to work out if a cheque is good or not, especially if it's not a personal cheque but one from a business. nevertheless when we pay a cheque we still get the delay. I suspect it's due to the fact if they have money for 5 days with no-one else having any claim to it, it goes into an account somewhere which is busy racking up interest. They don't use your money but they DO make interest on it, and use that. Now OK if you have a $1000 cheque for 5 days that won't make them a lot, but several hundred thousand $1000 cheques makes them a tidy little bundle.
yes i read the posts
The reason i posted this topic was to find others having the same problem i believe it is a much bigger problem then people think. How many people talk to each other about there credit score, five day hold or how there bank is treating them?
Is it not time we tried to change things or should we just accept thing because it sounds convincing? Just keep paying and getting less?
Big business need to learn about customer service, do we not pay enough for it?
How many regulating bodies are there what power do they have? Have they ever fined or charged any one successfully?
The reason i posted this topic was to find others having the same problem i believe it is a much bigger problem then people think. How many people talk to each other about there credit score, five day hold or how there bank is treating them?
Is it not time we tried to change things or should we just accept thing because it sounds convincing? Just keep paying and getting less?
Big business need to learn about customer service, do we not pay enough for it?
How many regulating bodies are there what power do they have? Have they ever fined or charged any one successfully?
It can take up to 5 days for the drawee bank to return a cheque. Internationally it can take up to a month. The negotiating bank has no access to account balance information of an account at another institution.
i dont see it as much as a problem as a fact of life. Banks are bigger and richer than us and there's nothing we can do about it. However, if you were a customer who happened to have $20,000,000 in your savings account, I guarantee you'd be treated more kindly.
How can you fight against it? You cant.
How can you fight against it? You cant.
So what your saying is we should just bend over and take it
This is why this world is going the way it is no one is willing to stand up. We just accept things keep on working. I guess once you let them in your pocket you will never get ride of them.
The sad thing is credit card & ATM cards were created for security so no one can steal your money.
Now they just steal your identity. I wonder how many people in the public sector has the access to banking information or do you think it could be banks or financial intuitions staff or there kids supplying these stolen credit cards.
Or could it be the fact that organized crime can own there own cheques cashing businesses like western union. You just need the licensing fee then you can have access your customer’s identities.
Do you remember the days when you would reach in your pocket and take some cash out to pay for thing. now we can have hackers in all parts of the world steal your identity, not like a long time ago if some one wanted to rip you off they had actualy be there in person.
This is why this world is going the way it is no one is willing to stand up. We just accept things keep on working. I guess once you let them in your pocket you will never get ride of them.
The sad thing is credit card & ATM cards were created for security so no one can steal your money.
Now they just steal your identity. I wonder how many people in the public sector has the access to banking information or do you think it could be banks or financial intuitions staff or there kids supplying these stolen credit cards.
Or could it be the fact that organized crime can own there own cheques cashing businesses like western union. You just need the licensing fee then you can have access your customer’s identities.
Do you remember the days when you would reach in your pocket and take some cash out to pay for thing. now we can have hackers in all parts of the world steal your identity, not like a long time ago if some one wanted to rip you off they had actualy be there in person.
its not going to be easy
We need people to stand up for a change. First step is to get people involved and help out.
It is not something just one person can change.
But collectively we can cause problems for example Do negative marketing picket specific businesses opening bank accounts and closing them tie up the banking staff. Make long line up for tellers we can make one dollar deposits. We can all schedule appointments to meet with managers just to ask stupid questions.
If we do not let them to do regular business it will cost them money how else will they listen. If we wait till some politician gets off his or her ass we will never see a change.
There are many things we can do this but it will cost you some time. We all have or had problems caused by them, should we not cause problems for them?
I would like to find as many people having the same five day hold. Then we can organize an association to focus on these businesses.
If we do not regulate this industry the abuse will never stop. Have you ever considered how many businesses are regulated? Have you had problems with any of them and contacted the so called regulating body if so what were your results?
We need people to stand up for a change. First step is to get people involved and help out.
It is not something just one person can change.
But collectively we can cause problems for example Do negative marketing picket specific businesses opening bank accounts and closing them tie up the banking staff. Make long line up for tellers we can make one dollar deposits. We can all schedule appointments to meet with managers just to ask stupid questions.
If we do not let them to do regular business it will cost them money how else will they listen. If we wait till some politician gets off his or her ass we will never see a change.
There are many things we can do this but it will cost you some time. We all have or had problems caused by them, should we not cause problems for them?
I would like to find as many people having the same five day hold. Then we can organize an association to focus on these businesses.
If we do not regulate this industry the abuse will never stop. Have you ever considered how many businesses are regulated? Have you had problems with any of them and contacted the so called regulating body if so what were your results?
The bank managers get stupid questions all day long. That would be just another line for you to stand in.
I don't think making $1 deposits will convince a bank to remove security procedures. Have you thought about banking at the bank your cheques are drawn on?
I just think we should hassle the bank
If we cause problem in there business like they cause for us. is all i am saying. Sure there are ways of doing this why not give suggestion instead of reason to sit on your ass and do nothing. What kind of ideas do you have? Like i said it takes more then one person. Maybe you could suggest something that could work?
Is it that hard to get some people to actually fight for there rights?
I am not saying not to have the five day hold but how long it takes for them to believe in you or to give you service for the money they charge every month.
If any one cashed bad cheques do you not think they would destroy there credit rating beside brings them up on charges did the person not have to give identification plus there address. It must be hard for the bank to find these customers.
What about when some one steals your identity do they solve the problem and fix everything or is it up to you to hire a lawyer and spend your money to fix things.
If we cause problem in there business like they cause for us. is all i am saying. Sure there are ways of doing this why not give suggestion instead of reason to sit on your ass and do nothing. What kind of ideas do you have? Like i said it takes more then one person. Maybe you could suggest something that could work?
Is it that hard to get some people to actually fight for there rights?
I am not saying not to have the five day hold but how long it takes for them to believe in you or to give you service for the money they charge every month.
If any one cashed bad cheques do you not think they would destroy there credit rating beside brings them up on charges did the person not have to give identification plus there address. It must be hard for the bank to find these customers.
What about when some one steals your identity do they solve the problem and fix everything or is it up to you to hire a lawyer and spend your money to fix things.
A bad cheque here or there is not the problem. Full scale fraud wars are the problem. It's amazing how many people will rip them off when given the chance. There is massive organized financial crime as well. The administration involved in the follow up of fraud is high and expensive. It doesn't make sense to expose themselves to it unnecessarily. That's why the measures are taken.
Like I said, bank where your cheques are drawn. They don't need 5 day holds on cheques on their own institution. Cash them in branch (the atm doesn't know where they are drawn).