For people who are still interested in the outcome, I got a letter from
BofA today saying that "Your fund was held for an extended period
because of ....., if you incur any expense, such as returned check etc,
solely results from the extended withheld, we will reimburse you the
cost ..."

I deposited the check on Nov 3, called/complained on Nov 8, and got
this letter on Nov 10 (Friday), and the fund was due to release on Nov
13 (Monday).

I am not sure whether this letter is triggered by my complain on Nov 8.
Otherwise, it's less meaningful to send a letter to tell you the fund
will be available the next business day.

"Shhhh" <123[at]456.com> wrote in message news:AN-dnfWmPZsvLMzYnZ2dnUVZ_o-dnZ2d[at]comcast.com...
- quote -

Published policy or not, I think that an 11 business day hold on a check for $5001
for a long term customer is unconscionable.
Anyone know of any major banks that have a shorter deposited check hold policy?

--
John Richards

My interest wrote:
- quote -


$10000+ cash transactions (or maybe even just possession of that much
cash) will trigger a call to the Feds and maybe the local police. Not
necessarily a problem, but why ask for trouble.

I think Canada has the same thing -- they call it FINTRAC.

Your federal tax dollars at work.

Best regards,
Bob

Thank for all the information. I actually managed to get the fund
released earlier by contacting my account manager directly (I am its
premium banking customer), even though BoA's customer call center
managed told me she couldn't do anything to release the fund earlier.

I also had a look of the URLs given, yes there is such a clause there.
So it's their policy, which is fine, even though I was never aware of
this. (I have to say, by comparison, the banking business here is much
less consumer friendly than many other countries in the work)

BTW, is there anybody happen to know is there any restrictions on the
total amount you can deposit by cash without problem? I was told be
BofA that the only way to make your incoming fund available immediately
is by cash or wire transfer (if you catch the deadline, not cashier's
check or anything else. So it seems the only way to transfer money
urgently between banks in the same day, say, in afternoon is to
withdraw cash and deposit in cash. ... hopefully it won't happen as I
don't want to carry so much cash across the street, but just interested
to know whether there is a limit on cash deposit without problem.

- quote -

click the question... "when are funds available after deposit?"

http://www.bankofamerica.com/deposit...question12Hope this helps,Shhhh

"My interest" <myinterest[at]gmail.com> wrote in message news:1162934639.154318.106420[at]k70g2000cwa.googlegroups.com...
- quote -

BofA did the same to me recently. It was news to me too. It's not
like I had a fly-by-night account, since I've been a good customer of
theirs for over 10 years. Seems like the banks don't publicize their
check hold policy.

--
John Richards

"jIM" <noreplysoccer[at]hotmail.com> wrote in message news:1162942821.619534.46320[at]f16g2000cwb.googlegroups.com...
- quote -

This may make sense for new accounts, but not for long time customers
who've lived in the community for many years.

--
John Richards

My interest wrote:
- quote -

This is normal. 5th 3rd bank held a check we deposited when we sold
our first house. Another bank I used in Michigan held a check when I
opened a new account.

If someone is passing bad checks, this is how bank would protect itself
from this practice.

My interest wrote:
- quote -


This is a bank by bank policy really, they're subject to rules on check
availability but that 10 day hold on an over-$5k check meets them.
Google REGULATION CC if you're interested in the Federal laws on this.

Many banks do better than Reg CC maximums and to me that's the best
solution, "vote with your feet". There aren't enough hours in a lifetime
to contest a large bank's T&Cs and I'm guessing they met their
disclosure requirements, I can't imagine BofA didn't do that right. But
there are so many banks & credit unions out there, you should be able to
find one that will honor your deposits immediately. Or, talk with your
branch manager and ask for immediate clearance for all checks, even
those over $5k -- I have that at my bank because it's an old account.
Tell them you're moving your money elsewhere, permanently, if you can't
get it -- and follow through.

-Tad

"My interest" <myinterest[at]gmail.com> wrote in message
news:1162934639.154318.106420[at]k70g2000cwa.googlegroups.com...
- quote -

Regulation CC sets the maximum hold periods that a bank may impose (banks
are free to release funds earlier than the maximum hold time).
http://www.federalreserve.gov/Pubs/regcc/regcc.htm

Banks are allowed to hold the excess of $5,000 deposited in a single day
(e.g. if you deposit checks for $2K, $2K, and $4K, the excess is $3K) for
seven business days (for local checks) and for eleven business days (for
nonlocal checks).

Here's an excerpt from one of BofA's Deposit Agreement and Disclosures
documents (effective July 1, 2006):

"[W]e may delay the availability of funds you deposit by check for a longer
period under the following circumstances: ...

" * You deposit checks totaling more than $5,000 on any one day. ...

" We will notify you if we delay your ability to withdraw funds for any of
these reasons, and we will tell you when the funds will be available. They
will generally be available no later than the eleventh business day after
the day of your deposit."

https://www1.bankofamerica.com/efulf...D.20060701.pdf
(pdf pp 8-9, document pp. 12-13).

I've never seen a bank that didn't have something like this printed in its
account disclosure statement. (On the other hand, I find that one often has
to be insistent about getting the document; many bank staff do not seem
familiar with what I'm asking for.)

So you could complain, but the best you might get would be an apology if
they didn't give you written notification of the hold (which can be sent by
mail); with BofA's reputation for service :-( I doubt you'd get that much.

Mark Freeland
BnetOnewsX[at]sbcglobal.net

Recently I deposited a check to Bank of America with amount more than
$5,000. To my very surprise, I just found today that the check would
be subject to additional withheld for 10 days. (Usually they cleared
the check for 3-4 days). I was told by its customer service
representative that it's their policy to hold a check for an extended
period if it's more than $5,000. Even though it was not mentioned in
its Terms and Conditions.

Is this practice normal? (I have asked around, none of my colleagues
was aware of such rules, many of them are BOA customers.)

Actually part of this amount will be used to pay my mortgage with BOA
due soon (which will be taken automatically from my BOA account). If I
didn't realize this, I might end up mising my mortgage payment. Do you
think I should make a complaint (given there is no warning about such
practice in its Terms and Conditions etc)? If so, what compensation
should I claim? (There apparently no need tof rme to file a complaint
and then get a letter saying "sorry ...")

Thanks.