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Could you ask your clients to temporarily pay with a cashier's check? There wouldn't be any kind of hold on that type of check. Otherwise, if the check is drawn on a bank with branches in Charlotte you could cash it at that bank and deposit the cash into your account.
You might try chatting with the branch manager where you opened your account to ask if there is anything that the bank can do to assist you. When you make a deposit, the teller can contact the bank that the check is drawn on to verify funds and to inquire about any fraudulent activity currently on the account.
This is a common practice to help prevent fraud. You would be shocked at how much illegal activity occurs with checks and checking accounts each year...and it's usually the bank that suffers the consequences of it.
Unfortunately, my checks that I get from clients often come from MO and KS, wh/ is KansasChick's situation . . . and the banks are not here, such as Commerce, and UMB, etc. So no way to take the checks to a bank here and cash them - and then deposit the cash.
Exactly! UMB, Commerce and other KS/MO banks - that don't have local branches! I am not really looking for any solutions, I was curious if it was standard more than anything and don't really understand why it is necessary to hold them that long - since they have to know before then if the checks are good.
Could you ask your clients to temporarily pay with a cashier's check? There wouldn't be any kind of hold on that type of check. Otherwise, if the check is drawn on a bank with branches in Charlotte you could cash it at that bank and deposit the cash into your account.
You might try chatting with the branch manager where you opened your account to ask if there is anything that the bank can do to assist you. When you make a deposit, the teller can contact the bank that the check is drawn on to verify funds and to inquire about any fraudulent activity currently on the account.
This is a common practice to help prevent fraud. You would be shocked at how much illegal activity occurs with checks and checking accounts each year...and it's usually the bank that suffers the consequences of it.
I have talked to 2 different people at the bank already - it's their policy. It's not that big of deal if it's only for the 1st 30 days, but if it is going to be 90 days - which they said it could, then I becomes a bigger pain in the arse.
The checks will come primarily from the same 2 sources so I think that should help - to ask either one to give me a cashier check - wouldn't really be good business practices on my part and could give them the impression I am struggling financial or something negative. Plus, their accounting departments connect the invoice to the check written for bookkeeping purposes as well.
Same thing happened to me and it was extremely annoying. Moved here in June 2008 and opened an account with Bank of America. Wrote a check on my NJ Chase bank account for a large chunk of money. Somehow it didn't register in my head that they said they were going to put a TWO WEEK hold on my check! They get the funds in 2 days!! This is total BS! So I call the branch manager and tell her that this is a problem since they have my money and I don't have access to my own money. It is a very uncomfortable feeling. Had I known I would have wired the money. They can verify funds in 2 days easily, a 2 week hold is total BS. Finally the branch manager here actually phoned the branch manager (Chase) in New Jersey and the hold was lifted, but what a hassle! We had a lot of immediate big expenses, for example we needed to pay our movers!
BTW, counterfeit cashier's checks are one of the biggest problems in the banking industry today, so I am not sure using a cashier's check will help. And never assume a cashier's check you receive is good just because your bank accepts it and credits your account. One week later they will take the money back if the check comes back to them as fake.
Yes, I am having a lot of expenses getting settled in and I didn't think about the bank account issue - and it does kind of bother me that they have my money and I can't access it yet. I can on the 19th, that is when the hold will be lifted. Seems this is common practice at BOA - my new bank is another bank - didn't want to mention names.
I was just thinking my friend has her business account and personal account with the same bank and knows someone high up - so if they are going to treat my account this after 30 days, I am going to have her talk to them for me and see if I can get that changed.
Wow. I bank with USAA. I actually scan my checks at home to deposit them and the funds are available immediately.
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