Gotta love banks / Banking question

[Møønlight]

So I am waiting on a PH 3-15 scope I paid $2100 for on the 18 June 2012. $2100 transferred from my account with USAA to Wells Fargo on the 18th. The other Hide member here told me that his bank told him to wait until Monday.

I don't understand why a bank needs a week to clear a check for $2100. I know different banks have different policies and "hold times", but there is also a law against for certain ammounts so I thought.

So I am here "venting mostlyg" trying to be patient and not draw conclusion's in my mind.

Is it normal for a bank to hold a check for $2100 that long? Do they do this to gain interest on the check or something? I just don't understand why a back wants to hold a check for that ammount for a week...

Thanks for any insight,
-Ms

 

[JonnyIndy]

Re: Gotta love banks / Banking question

the one possibility I can think of is that his account may have had issues in the past. If he has been overdrawn many times or bounced checks, I can imagine the bank taking more care to confirm the $$...

just a thought.....

 

[Møønlight]

Re: Gotta love banks / Banking question

Well I have a tracker now for the scope! But I still hate banks.

Thanks Jonny,
-Ms

 

[Sean the Nailer]

Re: Gotta love banks / Banking question

That, and the fact that the longer a bank holds onto the money, the longer it is 'theirs' to lend out and make interest on. Has something to do with "turns" or something to that effect.

 

[PGG]

Re: Gotta love banks / Banking question

Its BS now days if someone gives you a cashiers check most banks hold the funds even longer then a regular check. WTF is that about. They are getting worse every year. I really hate the biggest banks. I use Frost here in the South but they bought out our bank I liked the old one better when they were smaller. PG

 

[okrebel92]

Re: Gotta love banks / Banking question

Believe it or not, there is a law. Although it doesn't effect amounts that low. If you transfer more than $9,999.99 it gets reported and noted, and the bank can hold it for no less than 24 hours, but no more than 30 days. This rule was reinforced by the PATRIOT act. has to do with laundering of money.

I have a buddy that works at a bank and I asked why they held some money.

 

[bassani]

Re: Gotta love banks / Banking question

This is the scoop with banks and checks.
Don't use them for SH purchases!!!

I ran a few group buys and took personal checks the first time i ran it and had way too many headaches and calls to my bank manager and customer bank managers trying to sort through this mess.

The issuing bank (yours) never ever notifies the cashing bank (the person that took your check) that the check has cleared. I know its hard to believe but this is the case.

What makes it worse...thanks to Obama and the democrat new laws last year...the cashing bank cannot call up the issuing bank to get a verbal from them that your check has cleared. It's against the law.

US Postal Money Orders or PayPal Gift are really the only "free" alternatives out there. You can verify a US postal money order over the phone via an autmated system.

 

[Va_Gentleman]

Re: Gotta love banks / Banking question

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Sean the Nailer</div><div class="ubbcode-body">That, and the fact that the longer a bank holds onto the money, the longer it is 'theirs' to lend out and make interest on. Has something to do with "turns" or something to that effect.</div></div>

The Economists call it "Float" as the bank turns the money for the next business day and hold it overnight to collect the interbank interest on that money. Has been there forever, and probably will continue even in the world of instantaneous data.

Figure that those that go after Wall St. Fat Cats would look at the concept of instant liquidity and transfer after these years if they really wanted to help the consumer.

 

[kraigWY]

Re: Gotta love banks / Banking question

I bought a few items from members here, granted not high dollar items, but still.

I just send money, I suppose its not smart, but I've never had a problem, never got a complaint from the seller about the funds.

Maybe I'm too trusting, but I trust the guys here I've delt with more then I trust banks.

 

[mgd45]

Re: Gotta love banks / Banking question

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: okrebel92</div><div class="ubbcode-body">Believe it or not, there is a law. Although it doesn't effect amounts that low. <span style="color: #CC0000">If you transfer more than $9,999.99 it gets reported</span> and noted, and the bank can hold it for no less than 24 hours, but no more than 30 days. This rule was reinforced by the PATRIOT act. has to do with laundering of money.

I have a buddy that works at a bank and I asked why they held some money. </div></div>

Actually, if your try to keep it just under $10,000.....like transferring $9000....they'll still report it.

 

[Møønlight]

Re: Gotta love banks / Banking question

Is there a way around this at all? I can't stand banks and they will run you for every penny they can.

Banking industry always has and always will take advantage of the poor especially the middle class.

Thanks for all the responses. I learned a lot.

Respectfully,
-Ms

 

[jcfd2201]

Re: Gotta love banks / Banking question

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: mgd45</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: okrebel92</div><div class="ubbcode-body">Believe it or not, there is a law. Although it doesn't effect amounts that low. <span style="color: #CC0000">If you transfer more than $9,999.99 it gets reported</span> and noted, and the bank can hold it for no less than 24 hours, but no more than 30 days. This rule was reinforced by the PATRIOT act. has to do with laundering of money.

I have a buddy that works at a bank and I asked why they held some money. </div></div>

Actually, if your try to keep it just under $10,000.....like transferring $9000....they'll still report it. </div></div>

I believe any cash transaction over $3500 is now to be reported! Wells Fargo is simply screwy sometimes. We had a WF account to WF account transfer on a Friday morning and the funds weren't made available until the following Monday. This makes no sense since it was two WF accounts and checks we deposited later that same day were available the next day!

 

[shulette]

Re: Gotta love banks / Banking question

You wrote 'transfer'. Does this mean you actually wired the money into an account at Wells? If so, there is no excuse for them to wait. If you sent a check and the recipient deposited it then different banks have different rules regarding wait times. In this day and age it really doesn't take longer then 24 hours to make sure a check doesn't bounce so there isn't much of an excuse to hold the funds for a week but the bank can do it. Usually you need to speak to a branch manager to get them to waive the rule but you usually have to do it when depositing the funds. If the recipient has an account in good standing and especially if he/she has an equal amount of money on deposit then the bank should make the funds available.

 

[ArcticLight]

Re: Gotta love banks / Banking question

 

[bassani]

Re: Gotta love banks / Banking question

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Moonshadow</div><div class="ubbcode-body">Is there a way around this at all? I can't stand banks and they will run you for every penny they can.

Banking industry always has and always will take advantage of the poor especially the middle class.

Thanks for all the responses. I learned a lot.

Respectfully,
-Ms </div></div>


PayPal "gift"...no fee if you tie it to a bank account. I suggest creating a savings account just for that. Its no charge. just transfer money into as you need to for purchases then use paypal to buy things drawing from that savings account. keep it empty otherwise. the only restriction on savings accounts is the number of withdrawls from it per month...you can do 3 withdrawls per month

 

[Kodiak61]

Re: Gotta love banks / Banking question

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: ArcticLight</div><div class="ubbcode-body">

</div></div>

Amen.

Hate banks and reserve the right to hate most bankers (however have met a couple good ones).

 

[Sean the Nailer]

Re: Gotta love banks / Banking question

So massively strong, this statement is:

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: ArcticLight</div><div class="ubbcode-body">

</div></div>

Thanks for that.

 

[jcfd2201]

Re: Gotta love banks / Banking question

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: shulette</div><div class="ubbcode-body">You wrote 'transfer'. Does this mean you actually wired the money into an account at Wells? If so, there is no excuse for them to wait. If you sent a check and the recipient deposited it then different banks have different rules regarding wait times. In this day and age it really doesn't take longer then 24 hours to make sure a check doesn't bounce so there isn't much of an excuse to hold the funds for a week but the bank can do it. Usually you need to speak to a branch manager to get them to waive the rule but you usually have to do it when depositing the funds. If the recipient has an account in good standing and especially if he/she has an equal amount of money on deposit then the bank should make the funds available. </div></div>

Yes it was an electronic transfer from one WF account to another! It showed as being in our account but not available. The funds were available in the other account as it wouldn't allow the transfer if they weren't!I was in the bank Monday morning talking with the manager and she was very apologetic but could not say why it wasn't available. I do have the the manager's home and cell number and was told to call her anytime I have an issue. It wasn't really a big deal as we didn't need the money and the amount was not that large.

 

[Guest]

Re: Gotta love banks / Banking question

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Moonshadow</div><div class="ubbcode-body"> I don't understand why a bank needs a week to clear a check for $2100. </div></div>
Plain an simple, they collect interest on your money.

Never allow more than 1 month/s of income, to be held in/by any US bank. Costa-Rica is a much better, stable, an keeps what is yours, yours.
One day Americans are going to wake up and well have missed the runs on their bank/s. The government will allow the runs to start at midnight by those who are to big to fail,...again.

 

[ArcticLight]

Re: Gotta love banks / Banking question

According to Mr Doom that day is going to be in November or December. We've over printed and the market has gone nothing but down for too long. While he is Mr Doom, he's also 100% right 100% of the time.

 

[Kodiak61]

Re: Gotta love banks / Banking question

In a perfect world your money will always be there and nothing will happen to it.

I live in a border area, by that I mean the border between redneck anti everything but beer and freedom and hippy, trendy, hipster portlandia.

On both sides of the spotted owl debate, anyways some of these folks are worth quite abit of money. And when I ask them one simple question the answers are quite entertaining.

Here is the question.

Hypothetically, for whatever reason the system shuts down and the banks are closed for an extended period of time, what are you worth?