It sucks having money and not being able to spend it
 

I got a new bank account a few weeks ago. So I deposit two big checks in it and they put a 1 week hold on the funds since the account is new. Damn 6 days before I can start buying shit.

and besides this bank account you have no others?
What about cash?

:helpme

Going to be the longest 6 days of your life.:Graucho

isnt this pretty normal at all banks? I can spend the cash instantly, but the bank always has a 7 day clearing period before they know the check actually clears..

lol no i just moved, yeah i have some cash and credit cards i can use in between, but thats a lot of cash i'd like to be spending :)

haha you better spend your last paycheck before I do :Graucho

I deposited a check for $86,000 they didnt even wait for it to clear I just took the cash :-)

I;ve made about 86,000 in the last 4 years Alan ;)

shit happens.. :1orglaugh

it's ok I havent had a vacation in a couple years

me neither

Anytime I get a (US) cheque from a program they're not familiar with, my (canadian) bank wants to hold the deposit for 30 days to allow the cheque to clear. After about 6 months of good cheques, they'll stop holding them. They say.

So instead I go to a cheque-cashing place and pay outrageous fees and get ripped on the exchange rate. :feels-hot

How much do you pay per cheque? Here in Mexico I pay $10 for every cheque. :(

It takes for days before the money is in my account.........I can live with that

First time I cashed a check from the USA here in Barcelona it took 3 weeks!!!

never did that again, now I just get wire or epassporte

hmmm....I'm in canada and I have never had a hold put on a check in the 3 years I've been doing this...maybe its because I've always had enough money in the account to cover it

Maybe, depends on the bank/branch/teller I think.
When we first got back to Canada from the states, I got my grandfather to cash some for me in his own bank account, they held them even for him for a month.

I've got the same setup at my bank on my business account.

Ironically on my personal account they don't hold them though.

Better than having no money at all....

Is this RBOC, by any chance?

I used to have that problem too when my biz account was just getting started and I was still building up my float. Once I got it up to a reasonable amount I went in and talked to the account manager and basically laid it out... cashflow is essential to any business and a 30 day hold on US funds is onerous.

They DO have flexability in how to handle the situation and if you don't come across as some sketchy scumbag looking for an 'angle' they're capable of putting a note on your account saying 'no hold on cheques'.

Worked for me, at least. :2 cents:

LOL, and thanks to The Patriot Act's banking sections, they've sent a form to the Feds telling them all about you and your two new big deposits.

:1orglaugh :1orglaugh :1orglaugh :1orglaugh :1orglaugh

well now you have 6 days to plan exactly how you will spend it all

I have an account I got just for cashing affiliate checks after fighting forever with stores where they know me (same manager would refuse to cash a check from the same sponsor they did the month before). Not only did it come with a Visa debit card I can deposit a check, drive right around to the ATM to check my balance and it's already in the account.

Im now working with epassporte:D

that's it. No matter how much money you have if you dont have enough to cover the check I don't think they will cash it.

I had the same problem initially with RBC but if you speak with the branch manager then you should be able to get the hold lifted (a smart business person would make sure they are on a first name basis with their bank manager anyway :Graucho ). As long as you dont seem shady about it and have not deposited bad checks in the past then there should be no problem with it. :thumbsup

I've never had one check held ever. I deposit, I have immediate ( after 2pm that day) access to my funds.

how large where the checks ?

WHen opening an account you should always open it with like 1k or so so you are able to cash larger checks without having to wait


My bank will cash the check and give me cash as long as I have had a standing balance of 500$ or more for 3 months.

Most US banks put a 1 month hold on deposits over $2,000 if the account is less than 20 days old.

own3d :D