Quote:
Originally posted by psyko514
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.
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it only take a couple weeks to clear. 30 days is getting raped. longest i've seen is 21 days and thats pretty much standard at any branch around here from royal, cibc and scotia.