Loading…
21
My credit union held a $600 check for 9 days and I almost missed rent
Last month I deposited a $600 check from my side gig at my credit union's ATM in Tacoma, and the app said funds would be available in 2 business days. Day 3 came and went, so I called and the rep said checks over $500 get a longer hold, but could not tell me how long. I waited until day 9, and my rent autopay bounced, which cost me a $35 late fee plus a $29 returned payment charge. The teller finally told me it was a new account hold since my account was only 4 months old, but nobody mentioned that when I opened it. I get why banks hold funds, but 9 days feels wild for a local check from a company in the same city. Does anyone know if a bigger bank like Chase or a online one like Ally would clear this faster, or is this just how it goes everywhere?
1 comments
Log in to join the discussion
Log In1 Comment
lilya762d ago
The "new account hold" thing is the real issue here, not the amount. Nine days is long, sure, but I don't blame the credit union for that part. Every bank does it. Chase, Ally, whoever, they all hold checks longer on accounts that are only a few months old because that's when fake check scams happen. Switching banks won't fix that. What actually went wrong is the app told you 2 days and nobody told you about the new account rule when you signed up. That's on them. Call and ask for the $64 back, the late fee plus the returned payment charge, because the app gave you bad info. If the first person says no, ask for a manager.
5