Maybe someone else is using that number too....
Min ee so tah has no direct deposit ?
I noticed in the last month that all checks I deposit in my business account, including ones from large corporations are now put on 48 to 72 hold to clear. This was rare until recent months.
Something is going on with the bank(s). Not a good sign in my mind.
Some banks put a hold on all checks for a certain period. It could be bank policy.
I prefer Direct Deposit. Never late, never lost in the mail.
My check is direct deposit and comes on the 11 or 12th every month.
Govt is trying to phase out paper checks. I was recently told by a Soc Sec agent that they will bend the rules to continue issuing paper checks in snail mail for the very elderly when they resist the direct deposit method.
So the bank probably is taking extra precautions when seeing the nearly extinct checks.
Nevertheless, I’d complain and threaten to switch banks.
Well, the US is about to bump up against the debt ceiling (again.) Maybe Wells Fargo is worried that the check will bounce?
Oh, wait. Wells Fargo? Never mind threatening. Just switch banks!
CLASSIC! LOL
Why would anyone use a bank nowdays? Can’t find a credit union?
Most likely because it is for January and NOT December. However, tell you friend to sign up for electronic payment. That is the way to bank now a days.
Did your friend die before trying to deposit the check?
Undertakers are notoriously quick when it comes to noyifying the US Government that a person has died.
Probably because everyone knows they are rubber.
The bank gets a two or three day float. Multiply that by millions of checks and it gets to be a little money maker for the bank.
I wouldn’t trust Wells Fargo.
What if your friend wanted to cash it instead of deposit it? Same thing?
They usually receive the money from deposit checks quickly. Every day they “hold” those funds is interest in their pockets. With BOA or another large bank I would guess that they are easily playing with 10s of billions of $ of “free” money everyday.
The way I read FDIC regs, your friend should have access to it the next business day. I am guessing your friend deposited it after 2:00 PM and the bank made him wait what appeared to be an additional day..
We had an interesting event happen last time we went to the bank to deposit a check with a larger sum (over 1K).
We were told that the check had to be routed through the Federal Reserve in order to be cleared, hence the 2 or 3 day hold on it.
I asked to speak to the bank manager and told him I had never heard of this. He told me that it was standard practice and that the Fed was acting as a middleman who has a regulatory role to play in standardizing checks.
I asked him why, if the Fed is a private bank, does it have this role? He didn’t have an answer.
Makes some sense if you think about it, but I still don’t like this. I don’t have an alternative solution except to pay cash.