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Originally Posted by kristin
Unfortunately, that's any bank. It's because it was a large amount ... I got my student loan check and it was for such a large amount BofA held it for 10 days. I did my research and most banks do hold it for 10 days when it is that large of an amount.
However ... BofA holds most checks for a couple of days if you deposit them inside the branch or whatever ... but if you deposit them in an ATM, you have access to your funds the next day.
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They can't legally hold your money for that long I believe. I can see them holding it until the check has cleared which these days is a matter of days but 10. Also, if I make an ATM deposit at WAMU they hold it until it is verified. Sure it says on my receipt available but if you were to try and take it out it says funds are not available.
Now, I take large checks to the issuing bank and get cash or a cashiers check. If they say they do not have enough $$, which is BS, I tell them that is fine I'll wait while they have it sent over. They are a bank that deals in $$ they have to honor the check if the person that wrote the check to me has enough money in their account to cover the check.