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.
Berry is in charge. Would you trust his check?
I don’t accept checks. period. won’t work for an employer who issues paper checks except the first one or two before direct deposit kicks in.
They slow down the check out line, you never know if they are any good...
That said, wells fargo knows if a check is good or not with in seconds of it being scanned.
Over the years, I have had accounts in many local and regional banks. Most had a fund-delay on check deposits. Some had, for example, 8 days on in-state and 15 days on out-of-state. In more recent years, most banks seem not to enforce those kinds of policies.
I noticed several things this month that caused me some consternation. I run a small business and deposits into the business checking are being held. Whether they are cash or check! Slowing down money and payments in a small business is hell.
Second, I made a payment to the LOC of 500% more than the amount due. (Tells you how small the balance is! LOL). It was all credited to principal. They called on Christmas Eve regarding my “late payment for the month.” When I pulled up the statement online I told them the payment was completed on the last day of November.
Oh...that’s what is wrong. They processed it as a double payment in November! Since when does a bank automatically apply your payments as they want? I was so mad about their BS excuse I fumed for several days. I told the person on the phone I used to work for the bank and know the usual way it to apply the payment first and then the rest to principle. I also told them the new Jan. payment had been made too and the account still shoes a balance is due.
The banks are messing around with stuff trying to trip up consumers.
The banks get 48-72 hours of free use for their own investment purposes.
My bank was doing that, and the way I get around it is by cashing the checks first, then depositing. Money instantly available.