Quote:
Originally posted by Royaltee_Gee
The banks put 30day holds or whatever so they can make money off that cash while you don't get access to it. So 30days they play with it, make some cash then give it to you.
If you got hold on your checks your getting suckered. But if you don't need access to the cash who really gives a fuck.
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Dude, do you not understand the concept behind check holds?
It's to allow the check to clear. If a check bounces, it costs money to all those involved.
The length of the hold is decided by a few things. First and foremost is the bank's trust in you. If you've had bad checks before, or you have a poor credit history or a history of fraud done on your account, they'll put a hold on it. Also, if the check is coming from a foreign institution, it takes longer to clear, hence the longer hold period.
The bank isn't "playing" with your money, because they don't know if that money exists. They'd be taking a risk and subsequently a loss if your check bounces.
If your checks are being held for more than 30 days, you're getting raped.