RE: [MLUG - DISCUSSION] banks fscking me

[Mike Miller <EMAIL:PROTECTED>]

On Thu, 9 May 2002, Brent Deterding wrote:

> 	The "float" thing is true - but the policies in place are there
> for a reason - to protect the bank. If it's a 2 week hold it's most
> likely what's called a REG/CC hold. Your history has a WHOLE LOT to do
> with the length of this hold. I deposited a very large check right when
> I was married - about 2 weeks after opening an account. It was drawn on
> a large financial institution (mutual fund). I had a REG/CC hold for a
> week because I had no real history with the bank. I understand this and
> they don't shy away from telling you what the policy is, why it's in
> place, and you can have a copy of it.


I don't know what a REG/CC hold is, but don't banks only put a hold on the
funds until they have their money from the other bank?  That is, I deposit
a check at Bank A, but that check is drawn on Bank B, so Bank A waits to
get the money from Bank B before allowing me to access the money.  That
makes perfect sense to me.  Why would that ever take two weeks?  That's a
hell of a long time.  If they hold money after they've received it, I
think they are taking advantage of their poorest customers -- hoping the
customers will mess up so that they can screw them out of some more fees.

Mike

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