How long can the bank hold the funds for a check I deposit?
Posted November 1st, 2009 by admin 1 Comment »
chuck asked:
My bank, Washington Mutual, where I’ve been banking for 2+ months, continues to hold funds on every check I deposit for a minimum of 4 days, up to 2 weeks. The 4-day rule is for a check from a local bank. The 2 week rule is for non-local checks. They are very uncompromising about these excessive hold times, and get testy when challenged about them. My previous bank never held checks for so long. I have no adverse banking history that would require WaMu to be so careful.
My bank, Washington Mutual, where I’ve been banking for 2+ months, continues to hold funds on every check I deposit for a minimum of 4 days, up to 2 weeks. The 4-day rule is for a check from a local bank. The 2 week rule is for non-local checks. They are very uncompromising about these excessive hold times, and get testy when challenged about them. My previous bank never held checks for so long. I have no adverse banking history that would require WaMu to be so careful.
Please don’t tell me only what your bank does; I would like to hear from those who actually know what the Federal regulations are on this matter. I’ve made a few phone calls about this and looked online, but I can’t find reliable, up-to-date information. Thanks for your help.