5/3rd $500 New Checking Acct Signup

brandonm · ‎08-08-2019

Yeah, some of the bank holds can be ridiculous. I work at a regional bank located near me, and we place 11 business day holds on checks deposited on all accounts opened less than 30 days. The sucky part is, the system does it automatically. I have noticed that the system will detect US Treasury checks, and place no hold on those, since they are low risk. These are usually available next day. The bank is typically a little more stringent on holds placed via mobile deposit because of the risk of fraud.

In some cases, when I'm opening a new account, I may make the check available for immediate credit, at my discretion. I typically do this for payroll checks that I can verify, cashier's checks that I can verify, or State Comptroller/US Treasury checks.

Either way, most, if not all, banks should have a procedure to release a hold on a check. If you ever wind up needing money that's tied up in a hold, definitely go speak to your banker and see what options are available for you.

SouthJamaica · ‎08-09-2019

@Anonymous wrote:
I’m always lured in by cash rewards for opening an account. I have come to expect to be treated a certain way regardless of the age of my account. Of course, I know some variance will occur during the first 30 days and then the first year at small banks.

I funded the opening of my account with 5/3rd by depositing a check via the mobile app. Red flag? Not if you do business in 2019. The check cleared my account the next day. The deposit was made on 7/24 and today is 8/5 and it’s still on hold. It cracks me up. I’m not looking to spend the money. I parked it in that account until the time comes that they decide to charge fees. Then I’ll need to re-evaluate my relationship. I have 2 credit cards with 5/3rd, but that doesn’t matter

I normally fund by ACH, but 5/3rd limits that to loan and cc payments only.

So what’s my point?

If you plan to open an account at 5/3rd be aware that they hold everything beyond what I would consider reasonable given the speed in which transactions occur these days. If you do, just make sure you don’t need the money anytime soon. They seem to have forgotten exactly whose money it is.

To all you nay-sayers, a 12 calendar day (so far), 8 business day hold is ridiculous. And this is not because I have a risky profile - to the contrary. This is SOP for 5/3rd.

Many banks have a long hold period on the initial check deposit or checks deposited during 1st month. It's not an ongoing thing.