Re: [MLUG - DISCUSSION] banks fscking me

[Jonathan King <EMAIL:PROTECTED>]

On Tue, 7 May 2002, Michael wrote:

> My bank fscked me and put a two week hold on a large deposit causing
> several checks to bounce.  Anyone know if there are any laws that would
> let me force them to return their 'insuficent funds' charges to me?

As long as they have a consistent policy on how long they hold
(particularly) non-local checks, there isn't much you can do about it.
Instead of suing, I would (calmly) ask to speak to some customer service
rep person and I'll bet that some of the charges could be cancelled.  On
the other hand, depositing one large unusual check and then writing lots
of checks when the first one isn't in the clear yet is *exactly* why
banks have policies like this.

Of course, and just to annoy you, in many cases, they have a
longer-than-average holding period so they can make money off the "float".
I just had to deposit a decent-sized check (for me, anyway :-)) at the
Mizzou Credit Union, and they were all wringing their hands about how long
it takes out-of-state checks to clear since Who Knows where these things
come from... I pointed out that the check was from a very large financial
institution, and hadn't they ever heard of a company called "American
Express"?  (No, this wasn't a traveler's check...)  They gave me a
cool-looking "notice of deposit of a large check that will clear but we
can't let him have his money before date X" thingie, but didn't budge on
the how fast it would clear.

So if I can't get any traction from being nice, I predict Mogmios
threatening a law suit will be clapped into irons and thrown into a
dingo-filled detention facility. :-)

jking



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