I received checks from ALLIANZ and INVESTMENT COMPANY OF AMERICA for my required minimum distribution from my retirement account.
I took them to America First credit union for deposit in a checking account. These checks came in 2 weeks apart.
There was 3 times the amount of the checks in the account and each time the teller used their on line verification system and advised that they could not find information and put me through an interrogation about origins of each check. I suggested they call their in house investment advisor to see if he would validate the companies.
Finally a supervisor agreed to take both with a 10 day hold !

quote:

Originally posted by chongosuerte:

But one would think, in almost 2020, that they would be able to instantly verify funds. Oh, wait...they can...just too damn lazy to do it.

Billions made in interest everyday by holding checks.

quote:

Originally posted by V-Tail:
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Next time, I will send the deposits for ONE account through the drive-up mechanism, wait for the receipt to come back, then send the other account deposits.

It will occupy the drive-up lane for a longer time, but whatever it takes.

Depositing checks in the drive though is so 90's... I use my various banks app to deposit checks. Easy to do individual account deposits this way although unless there was a VERY compelling reason I would just deposit all in to the same account and transfer using the banks online tool.

After having a few issues with a couple of my banks when getting cash I now drop by each of the 2 personal banks and get 3-5k out every month. Sometimes I need to replenish my emergency reserve, sometimes I need to pay someone for work done, and every now and then I take it out and deposit it in different branches.

Now that I've established a history of doing this regularly I don't have issues any more.

2 things:

1) Once a year I withdraw somewhere in the high 9k range but below the 10k requirement for reporting. The first couple of years the bank reported it anyway. They can do this to protect themselves if they think there is a possibility that the withdrawal is "structured". After a few years I guess they got tired of generating the report because they've stopped.

2) I built a relationship up with a teller at each of my banks when I was a new account holder. Most banks have as threshold where they have to do a slightly deeper verification dive to make sure you are who you say you are. Comparing signatures etc...

One of my banks has a $2,500 trip wire and the other has a $3,500 trip. Useful info if I'm in a hurry.

And yes, I love crypto-currency.

quote:

Originally posted by V-Tail:
Next time, I will send the deposits for ONE account through the drive-up mechanism, wait for the receipt to come back, then send the other account deposits.

I can't fault you there at all. I'd do the same, or maybe attach post-it notes to each one with arrows pointing to the endorsements.

Every month I go to the bank. I have a teller I deal with and have for a few years. She knows me by name. It works well, and when it doesn't, I'll start going to a different bank. Banks piss me off for any number of reasons.

The worst was when a stock broker called me out of the blue. He knew my balance and wanted to sit down with me to discuss an investment plan. My already short fuse blew. So I told him no thank you and hung up. Then I got in my jeep and drove the mile or so to the branch. Waited patiently until the "manager" got off his personal phone call, then unloaded on him. I wanted to know how some broker got my information. He said if I didn't "opt out", they share it with selected business partners.

So I asked him to "opt me out" immediately. Well, he couldn't do that. It takes a signed form by me and will take a few days to process. I didn't explode, but I did start dealing with a different branch. That was years ago and I haven't had a problem since. I learned it also helps to deal with the same person at that branch.

I fear a problem is coming up. I'm kind of tacky and give cash to my sons. Neither have ever refused or bad mouthed me for it. They just accept it with a smile. But I'll need to fight the annual war over me taking out too much cash at a time. Once before I had the problem and asked how much I can take out at a time. The manager was within earshot and explained it was bank policy not to give that information out. So I explained I needed to know so I can empty the account by that amount until its empty. So I got the government regulation shit.

I was getting to the point where critical mass was approaching. But he sensed it and defused the situation by agreeing to give me the amount requested. Its for Christmas presents for Gods sake. There must be thousands of other primitive types who give cash. So we'll go through the song and dance.

quote:

Originally posted by a1abdj:

quote:

You might be surprised at just how much money is kept in a bank/branch. I speak from experience.

I see it every day.

If you wanted to jump into a time machine, you would find that banks used to keep a chunk of their assets in the vault. Today they can simply place an order and have it delivered on demand.

I have seen more cash in ATMs on weekends than I have seen inside the branch itself.

I'd say a typical branch keeps $50 to $250. If 100 people want $3 in cash, that would be a problem. It's usually not like you see in the movies. Banks typically keep all of their cash on hand inside a relatively small compartment. It's not stacked on pallets in the vault.

Not sure where your info comes from, but banks are required to keep 3 percent of checking account balances in reserve on hand. I walk into my bank every other month with out notice and withdraw a couple thousand dollars and no one blinks. Maybe they were hiding the money from you while you were there, but they got more than 250 dollars in the bank.

quote:

Not sure where your info comes from, but banks are required to keep 3 percent of checking account balances in reserve on hand.

I've never heard of such a thing. Perhaps you can post a link to that. That a bank branch must keep 3% of their checking account balances, in cash, inside the branch.

quote:

I walk into my bank every other month with out notice and withdraw a couple thousand dollars and no one blinks. Maybe they were hiding the money from you while you were there, but they got more than 250 dollars in the bank.

$250,000. I thought that would have been more obvious.

They aren't hiding the money when I'm there, because I'm usually in their hiding spot doing work.

I'd say they keep so little cash in the building that you could wipe out most bank branches with a banker's box.

Here's one article. I'm sure you can google others.
https://www.investopedia.com/t...requiredreserves.asp

5 day hold on a cashiers check? Ridiculous

quote:

Here's one article. I'm sure you can google others.

Right.

Surely you realize that money isn't kept in the branches? Perhaps you don't. That money isn't kept "on reserve, inside the branch".

When a bank needs cash they pick up the phone and call in an order. An armored truck arrives and drops it off. Follow the armored trucks, and you'll find the money. It's not at the branches.

quote:

Originally posted by a1abdj:

quote:

Not sure where your info comes from, but banks are required to keep 3 percent of checking account balances in reserve on hand.

I've never heard of such a thing. Perhaps you can post a link to that. That a bank branch must keep 3% of their checking account balances, in cash, inside the branch.

quote:

I walk into my bank every other month with out notice and withdraw a couple thousand dollars and no one blinks. Maybe they were hiding the money from you while you were there, but they got more than 250 dollars in the bank.

$250,000. I thought that would have been more obvious.

They aren't hiding the money when I'm there, because I'm usually in their hiding spot doing work.

I'd say they keep so little cash in the building that you could wipe out most bank branches with a banker's box.

It was kind of obvious, but I've learned to not assume anything anymore. I figured you would be in the hidy spot as well.

Chase and BofA are two reasons why I have remained with a Credit Union for near 30 years.

quote:

Originally posted by mcrimm:
To the OP. So you’re pissed at bank A and will be moving to bank B. Someone at bank B is pissed at their bank and are moving to bank A. At the end of the day, both banks got a new account.

Its not quite that simple. When I close my accounts I'll be moving balances and cash flow of 10's of thousands a month out of my 'business' accounts in bank A to bank B. At the same time bank B may be receiving a new account from Petey the college student who wants a 'free' account because his average monthly balance is around $25. Not exactly apples to apples and a reason why banks need to be smarter than that to compete.

quote:

There is so much fraud in the banking world today that banks need to do whatever they can to protect themselves.

I come from a banking background and am well aware of the fraud in the market today. My bank putting a week hold on a $8k personal check is one thing, but putting a hold on a $2.5k cashiers check drawn on BofA when that deposit amount is commonplace in my account and I have more than enough compensating balances to handle a check return is stupid and non-conducive to maintaining customers. End of topic.

quote:

Bank tellers used to have more authority to make simple decisions but now your average teller is inexperienced and the computers are programmed to place holds.

Correct, but when my bank can't (or won't) even communicate where or why the check hold was placed, we have a problem. And on a BofA cashier's check they could verify with a phone call? Come on. When I worked in banking I learned first hand there are two things people have no sense of humor you screwing with...their family and their money, and not always in that order.

quote:

Much of this is driven by gov’t rules, fraud and changes in the bankers themselves. Look at the average age/experience of those in the bank/branch.

Simple rule of thumb throughout all of business, if you're too incompetent to perform the job you've advertised, your future is grim.

quote:

Things aren’t gonna improve.

I hope you're wrong about that, but I fear you're not.

If the cashier's check was for more than $5000 the amount over $5K can be held, but the first $5K (or entire amount if under $5K) by law should be available the next business banking day. The only exception would be if you are a 'high risk' customer with a history of NSF problems. Then the entire amount can be held for up to 7 days.

It's Regulation CC. A good summary on Wikipedia with references to the text of the regulation if you need to show it to your bank:
https://en.wikipedia.org/wiki/...nds_Availability_Act

PS: They can be fined if they don't comply and you report them.

Second party cashier checks routinely get holds placed on them. I’ve seen customers deposit out of town checks only to see them bounce after a week. It happens more than one would think. There is a heck ton of financial fraud occurring daily inside of banks. Sadly, you just have to live with the inconveniences as the banks are trying to protect both your and their own assets.

Write your congressman or woman but don’t get pissed at the banks.

quote:

Originally posted by x0225095: There is a heck ton of financial fraud occurring daily inside of banks. Sadly, you just have to live with the inconveniences as the banks are trying to protect both your and their own assets.

Write your congressman or woman but don’t get pissed at the banks.

On a Thursday Mrs. 'Hook had Wells Fargo make out an $8k certified check from her account to a local painting business. It never crossed her mind that Wells Fargo would put a 10-day hold on that check when the painter attempted to deposit it into his Wells Fargo business account the next day. In spite of obvious records of that transaction, the only way she could clear this up was to appear in person at the branch she banked at and have a discussion with the branch manager who knew her.

Sorry x0225095, but this bit of buffoonery is entirely on Wells Fargo and their mysterious policies. All transactions, including the transfer of money from her account to the making out of the certified check, happened completely within the Wells Fargo banking system. At any time any employee with a functioning brain cell could have looked at the transaction records and determined there was no fraud.

quote:

Originally posted by Tailhook 84:
At any time any employee with a functioning brain cell could have looked at the transaction records and determined there was no fraud.

Bingo. Its either laziness or incompetence, or a healthy dose of both., but what it is for sure is unprofessional.

How about this as another in the 'I wouldn't have believed this level of stupid had I not experienced it myself' category.

My house cleaning company banks at the exact same bank and branch I do here locally. Since the owner had on two occasions called me and told me his staff had lost one of my checks, I suggested we move to Online Bill Pay through our bank (essentially electronic transfer of funds from my acct to his). Sounds great right. Not really. My bank offers no way to directly deposit funds from account to account within the bank. You can do it with outside accts, but not in house accts. Instead, when I initiate the payment, the bank cuts him an official check, mails it to him, and he has to physically deposit it into his acct. So handing his staff a paper check (assuming they don't misplace it) is almost five days faster than 'electronically' making payment through Online Bill Pay. When I complained about this in the branch, the ops manager told me "Well you can't have access to someone else's bank account". When I asked her if I could manually deposit funds into his account across her teller line, the light finally went off in her pee sized brain. And having a background in banking tech, I find it appalling the software vendor 'and' bank apparently didn't see this hole in their system as an issue. Yeah, stupid runs high and wide in banking.

I USED to bank w/ 5/3rd.
At one point years ago I was laid off from work and needed to get $200 +/- into an account. I borrowed from a family member (written check) who also banked at 5/3rd, so I could meet the funds for an automatic w/drawl payment that was to occur later that day.

I walked into FU/3rd bank and explain the situation.
ME: (I explain the above)
5/3: Checks take a day or two to clear.
ME: The check is from a 5/3 account holder. You can see if they have sufficient funds.
5/3: (They basically explain that's just the way it is for all checks and they can't do anything about it.
ME: Ok, I'd like to cash this check.
5/3: Ok, (hands me the money).
ME: I'd like to deposit this money into my account. Cash posts to my account instantly right?
5/3: (Teller looks at the other teller next to her. Gets confirmation that's ok.)
ME: (blank stare right at her.)

I used to do spot work for a group of private investors. One of my jobs was to deal with crooks offering various types of deals. One of the things they all had in common is that they want you to do things fast. ...... the faster the better. I don't blame the banks for wanting to do things slowly.

My personal beef is with the use of the ATM. I usually go to the one at a branch across the street from where I work. If I use the one next to where I live they flag the card..... or if I withdraw an unusual amount, etc,etc.

There are a lot of scams out there. If you deposit a check and it's immediately posted, then there may be someone who will draw on the funds within five minutes before the check is identified as a fake.

Etc, etc, etc. It goes on and on.

V.

quote:

Originally posted by dsiets:
I USED to bank w/ 5/3rd.
At one point years ago I was laid off from work and needed to get $200 +/- into an account. I borrowed from a family member (written check) who also banked at 5/3rd, so I could meet the funds for an automatic w/drawl payment that was to occur later that day.

I walked into FU/3rd bank and explain the situation.
ME: (I explain the above)
5/3: Checks take a day or two to clear.
ME: The check is from a 5/3 account holder. You can see if they have sufficient funds.
5/3: (They basically explain that's just the way it is for all checks and they can't do anything about it.
ME: Ok, I'd like to cash this check.
5/3: Ok, (hands me the money).
ME: I'd like to deposit this money into my account. Cash posts to my account instantly right?
5/3: (Teller looks at the other teller next to her. Gets confirmation that's ok.)
ME: (blank stare right at her.)

I like that story. I can't imagine what went through the teller's mind afterwards. "Did he pull a scam on me? I'm sure he did..."