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It is standard procedure for my credit union to put a 10 day hold on an unusually large check. It is credited to your account, but you may not use the money for 10 days to be sure the check clears. My mom also has an account with my credit union. She received a distribution from my father's IRA and the credit union put a hold on it. I called and asked them to remove the hold as the check was from a reputable place and easy to confirm (Morgan Stanley). The credit union called Morgan Stanley and *poof* the funds are available immediately. I have done this three times during the past year. It is best to call the bank/credit union prior to depositing the check (or to make the deposit in person).

Just so you know, you can avoid having a check held.

I wish someone would send ME a big check so I can do this again....LOL!
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Just so you know, you can avoid having a check held.

Thanks for that post. Wednesday night I transferred money from ING to my savings account in preparation for the closing on our refinance. If I see any delays in this being considered as available funds, I will certainly try to utilize your experience.

dt
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The transfers are a bit different than a large check. For one thing, they are electronic, so as soon as your bank processes them, they should be available.
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So far (read as, over the past 15 years), I've only had to "suffer" two holds (the first "unusually large" deposit I ever made, and one I made hurriedly through an ATM).

IMHO, banks have no legitimate claim to "hold" deposits that are deemed "unusually large" (a too-generic term that can be interpreted by the bank, branch or individual teller, it appears) if the source is an electronic transfer or an official, paper check from another institution.

Now, with an "unusually large" personal check, I can understand the bank's hesitation. Otherwise, I don't.

When I make "unusually large" check deposits, if it involves an "official" check, I inform the teller I expect to have access to the funds in the normal timeframe, and keep going up the ladder until I get what I want.

MrBigglesworth
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I had a situation once where a credit union held a check for a while.

I had just moved to Colorado from Montreal. My student loan is with my credit union in Canada (aka CCU). In order to make the payment for that month, I mailed to my mom a cashier's check drawn against my US credit union account (USCU). My mom deposited the check in my CCU account and we both thought that it was the end of it.

After the first of that month, I logged on to the CCU web site to see if everything was ok. It wasn't. The money was still on my checking account and the loan hadn't been paid.

I called the CCU and explained what happened. It was their policy to hold any instruments written in US $ for a month. A whole month. I was furious. I had them release the funds, take care of the loan and reverse the fees that were charged.

Since then I gladly pay the internation wire transfer fees charged by the USCU. At least I have the peace of mind of knowing that the CCU people don't have the chance to mess up the payments again.

Now, if I could only convince the USCU to do ACH transferes so it doesn't cost me so much money...

LIC
Internation Finances Man.
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Ten days hold for a check seems like a awful long time. My bank holds checks for three days . Glad that your calling worked for you.
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---QUOTE---
IMHO, banks have no legitimate claim to "hold" deposits that are deemed "unusually large" (a too-generic term that can be interpreted by the bank, branch or individual teller, it appears) if the source is an electronic transfer or an official, paper check from another institution.
---END QUOTE---

Actually, and this is really weird, but according to NACHA, an organization that sets rules for check clearing-houses, wire transfers can "bounce" or be dishonored for one business day after being deposited.
Also, remember that cashier's checks can be invalid. They won't bounce, per se, but there have been some cases of people using forged cashier's checks to defraud banks and/or bank customers.
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