I need help with a banking situation

[Anonymous]

Hi, I wasn't sure where to put this question, so I figured I would put it here.

Basically here is what is going on, I am picking up a new car next Saturday, I am putting $4,000 down on the car.  The money for the down payment I am getting from a settlement for a car accident 6 months ago.  The check is for $10,500 and will be getting here tomorrow.  Now my problem is, how can I get this money cleared and in my account by Saturday?  It is an out-of-state check, and I was told that if I take it to the bank, ask for a manager, explain the situation, than they will usually grant me the $4,000 I need and hold the rest until the check is cleared, as long as they can call the person on the check and get confirmation that it is legitimate.  Is this true?  Do you know of any other ways of getting this money cleared?  I already paid the dealer $500 to hold the car until this upcoming weekend, and I am not sure they will be willing to hold it for another week.

Thank you so much!

[llecs]

YMMV based on the bank and your relationship with the bank. I bank at several banks at the same time. My BofA is notorious for putting 14 day holds on any of my checks above $500. I have two Wachovia accounts. One results in up to a 10 day hold if deposited with the teller as well as my other one, but if I deposit through the ATM, the funds are 100% available the next morning. I bank at a CapOne-owned bank and there's never a hold. Finally, I bank with a regional bank here locally and the funds are always available the next day. Totally a YMMV thing. Conversely, I have a friend that banks at BofA and any deposit made that day clears that day with no holds. Go figure.

I'd take it to the bank from which it is drawn from and try to cash it. If not possible, go to your bank and ask how long any hold would be. BTW, if you deposit it tomorrow early, there's no reason why it wouldn't clear the other bank by Wednesday.

[MattH]

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@llecs wrote:

YMMV based on the bank and your relationship with the bank. I bank at several banks at the same time. My BofA is notorious for putting 14 day holds on any of my checks above $500. I have two Wachovia accounts. One results in up to a 10 day hold if deposited with the teller as well as my other one, but if I deposit through the ATM, the funds are 100% available the next morning. I bank at a CapOne-owned bank and there's never a hold. Finally, I bank with a regional bank here locally and the funds are always available the next day. Totally a YMMV thing. Conversely, I have a friend that banks at BofA and any deposit made that day clears that day with no holds. Go figure.

I'd take it to the bank from which it is drawn from and try to cash it. If not possible, go to your bank and ask how long any hold would be. BTW, if you deposit it tomorrow early, there's no reason why it wouldn't clear the other bank by Wednesday.

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I second the suggestion that original poster first go to the bank on which the check was drawn, if they have a branch that is local to OP.  But if the check is from an insurance company then OP might not know which bank they use until the check is in hand!

[Anonymous]

Thanks guys, I am hoping to have the check to the bank no later than Tuesday morning, I will be going to the post office FIRST THING Monday morning to see if I can get my mail than before it gets on a truck (SINCE IT DOESN'T COME IN UNTIL 4:30 PM UGHHH).  I am however going to call the insurance company Monday morning and request them to do direct deposit, electronic transfer, or wire the money directly into the account, stop and void the check as well.  I will offer to pay for all costs, hopefully they will do that, because than it would be there instantly.

According to the Federal Reserve, in my case it would work like this.

Brian deposits $10,500 on Tuesday morning, Wednesday morning $100 is available.  The bank is than required to make the remaining $4900 available by the following Tuesday morning (5 business days).  They can than hold the remaining $5500 for up to 10 business days (so 15 total I believe).  So it is possible that it may get it by Friday if I beg the bank manager.

I do not have access to the other bank (I believe, will be sure when I receive the check).   It is coming from Arizona and I am in Texas.  I am banking with USAA, but kept my old account open with Eisenhower Bank here in town, so I will be depositing with them, I have been a customer of theirs for almost 3 years and only went overdrawn twice I think?  So hopefully they will be able to make those funds available to me if the insurance company refuses to transfer the money.

[chasmith]

I haven't seen USAA hold things as much as other banks - because they have few branches and customers everywhere they're more open.  They also have the capability for you to scan the check to them for deposit, unfortunately the maximum is $10,000.00 if I recall correctly (I needed to get prompt credit for a $12K check).  If Eisenhower won't release the whole check as good, you may want to call USAA and see if they will make it immediately available if you overnight the deposit to them.

I've never had much luck with the "stop payment on your check and send me a wire" type request.

[Anonymous]

Yeah, here is what is going on now.

I went to Eisenhower Bank and spoke to the manager, she knows me well and remembered me and has no problem releasing the funds the day of deposit as long as she can verify over the phone, so this is great.

BUT, we have a new problem, check still isnt here... I sent an email to the insurance company and asked when it was mailed exactly and needed to make sure it was sent to the right spot because I am becoming worried... turns out she lied about mailing it Tuesday, it was mailed Thursday, AND, she mailed it to my old address from 6 months ago...

So now I am pretty much livid.  I sent her an email saying to stop the check and over night me one, this is becoming ridiculous.  She sent me documentation to this address, so she had it on file, and now because of this situation she is screwing me over, so since it is their fault they really need to over night the check to me.

I cant believe this has been this big of a nightmare..

[guiness56]

The only time my bank holds a check is if it is a 2 party personal check.  If it is a business check they always call to verify the money is in the account then they will post it as available to my account.