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Author: lethean Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121599  
Subject: bank bounced check to irs Date: 4/24/2004 4:42 AM
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Long story short.

Because we were victims of ID theft this past winter, we cancelled our existing business checking account and opened a new account with the same bank in January. Been with the bank for 30+ years?

I made a LARGE deposit 4/14 for our seasonal business. That deposit was one check which we received from our employer who acts as a collection agent for our billings to our customers. (So, we are dual status independent contractors with an employee/employer relationship with the same entity.) It was a major annual billing of fees.

I received a letter from the bank 4/16?...telling me that the deposit had been placed on hold for 8 days! because it was unusual activity for the account. (The account was new....duh.) This had NEVER happened in 30 years on the old account (but that 30+ year history is gone now).

I called today to inquire about the letter received and asked if any checks had been returned during the time that the deposit was on hold. Yep. 1st quarter estimate to IRS.

I was told the deposit was too large...but they couldn't tell me what qualified as too large. I have to walk in deposits to bank manager when too? large? so it (the deposit hold) doesn't happen again.

I called our accountant...and he said, "oh god, no." The best he could tell me was to wait for the IRS either to send the check back through to the bank or to return the check to us. We'd just have to wait to see what they do. He didn't understand why a hold for 8 days since the check was drawn on a local bank by a well known entity in town.

Now what??? Any other suggestions? Do I have any recourse against the bank?

I'm irritated to say the least. Thanks for listening and any thoughts.

Lethean



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