Hey everyone!
This isn't a 'rant' thread... actually it's the opposite, and I'm just trying to figure out if Wells Fargo think's I'm a 'good guy' or if my treatment is just "business as usual" these days.
Here's the situation: I hardly ever have a check to deposit (as in, once every year or so). Last year I deposited a check for $3000 - it was a balance transfer check - and I was expecting there to be a hold of at least a few days (and I planned in advance for this). I made the deposit at an ATM, and to my surprise it made the first $200 available immediately and the remainder the next day - I was very pleasantly surprised!
Fast-forward to today; I deposited a balance transfer check (Diamond Preferred - 21 months 0%) in the amount of $1700 - again at the ATM - and this time it made $400 available immediately, with the remainder on hold until tomorrow. Note that this is my secondary checking account, and I only use it for things such as this and to get cash on occasion. Also, my balance before the deposit was $22, and FWIW my account is just over 10 years old.
Back in the 'old days' I would deposit a business check pre-printed from Fidelity and my bank at the time (I'm talking to you, BBVA Compass...) would put a hold on all but $100 for several days, sometimes up to a week - and the checks weren't huge, either - most were under $3k. I got so accustomed to this I simply planned for it (and around it) rather than fight it, and years later I'm still in that mindset.
I would love to hear your experiences regarding check holds with Wells or any other bank or credit union.
I know Reg. cc has changed things since the "old days" but I had no idea the banks (especially WF) had become so easy to do business with, at least relative to what I had to put up with before.
Note: I really want the funds in my USAA account (I use them for primary checking) but since I have so little experience with their mobile deposit I was afraid there would be an arbitrarily long hold. Since phone/mobile deposits are not covered by Reg. cc, the bank can pretty much hold them for as long as they want with no recourse. This way I have Reg. cc protection at Wells, and I can ACH transfer the funds to USAA as soon as the funds are clear tomorrow. 
Note #2: I realize some people might have different opinions on using BT checks, but that is not what this thread is about.
I assure you it was in my best interest, and I'm in no way in 'duress' from doing so. Thanks in advance for staying on topic! 
Next day is standard for me, too. I was with a local regional bank a few years back before they got bought out by a crappier bank, and they would credit the entire deposit to my account that day until 7:00 at night! It was awesome. Every single other bank has been next day. According to my sister, Ally doesn't credit the full amount until after three days. I've never deposited a check with them, but they say what the hold times are on the website. I think that's ridiculous.
Next day is pretty standard for me also. Every once in a while you may see an extra day, but most times when I see that, it is because it has a high value to it.
Now that everyone is using electronic clearing checks generally clear pretty quickly, so no more 3-4 day float when writing checks...
On the upside, deposits clear quick. So far USAA is my favorite. They'll make up to about $5k available immediately for me on large checks, but the rest of the check does take a few days to become available. I only deposit a few checks a year though and only one or two checks over $10k.
On the upside, deposits clear quick. So far USAA is my favorite. They'll make up to about $5k available immediately for me on large checks, but the rest of the check does take a few days to become available. I only deposit a few checks a year though and only one or two checks over $10k.
@gibeon wrote:
Now that everyone is using electronic clearing checks generally clear pretty quickly, so no more 3-4 day float when writing checks...
On the upside, deposits clear quick. So far USAA is my favorite. They'll make up to about $5k available immediately for me on large checks, but the rest of the check does take a few days to become available. I only deposit a few checks a year though and only one or two checks over $10k.
That's great to hear about USAA!
I almost used their mobile deposit for the check this time, but I've read horror stories over on the USAA community site where folks would have arbitrary holds placed on large-ish deposits made that way, with no recourse (again, mobile deposits not being protected by Reg CC).
Of course when you read those 'horror stories' there's many times more to the story than the writer volunteers. In my own case, I have a good history with my USAA checking account and I have a credit card linked for overdraft protection (with plenty of available credit) so it's likely I would have been fine. Next time when time isn't "of the essence" I might give it a try.
Out of an 'abundance of caution' I'm waiting until I see the check post to my Citi account, then I'll do an ACH transfer from Wells over to USAA (using USAA's ACH pull for the transfer). It's been a while since I did an incoming transfer for a significant dollar amount, but the last time I think I was given immediate credit for $800 and the rest after a couple of days. That was before I had a credit card with them, though, so it might be different now.
Thankfully, I hardly ever deal with checks anymore (other than the occasional rebate check for a few dollars), but it's nice to know that if/when I do come across another one of 'substantial' size things are quite a bit better then they once were!