RE: [MLUG - DISCUSSION] banks fscking me

["Brent Deterding" <EMAIL:PROTECTED>]

A REG/CC hold is just a longer hold on funds to ensure that it clears. With
smaller checks it is usually a business day because the risk is usually
pretty low. Also - they can usually get matching funds from your account on
smaller checks.

On larger checks they have to wait for the check to clear - which may be 12
sets of hands at different banks! This can take 1-2 weeks. If the risk is
higher they make sure that they build enough time in the reg/cc hold to
cover it. But yes, it can take a week or two (seriously - it is 12 sets of
hands).

-- Brent

-----Original Message-----
From: EMAIL:PROTECTED
[mailto:EMAIL:PROTECTED]On Behalf Of Mike Miller
Sent: Thursday, May 09, 2002 9:06 AM
To: EMAIL:PROTECTED
Subject: RE: [MLUG - DISCUSSION] banks fscking me


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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