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Old 09-13-2017, 11:16 AM
 
Location: Grosse Ile Michigan
30,701 posts, read 79,339,648 times
Reputation: 39409

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Quote:
Originally Posted by oceangaia View Post
Is Capitalizing all of the Key Words supposed to Impress us or Prove that your Points are Valid?
Maybe their caps lock is sticking, or they are posting from their phone. Or they could be English learners or in 3rd grade and just have not learned about appropriate capitalization yet. or they Could be posting drunk too, or jsut bad a t typing.

If the check is bad, they want to report it while the perpetrator is still there. If they call attention to it and the perp leaves, he/they will just go to some other bank and possibly not get caught. If there is a fraud problem going on in the area, they want to get them before they can leave the bank.

Also it is not likely the teller called the police on a customer without getting permission from the bank manager. IN an emergency, fine, you just push the button, but something like this, you better get permission unless you hate your job.
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Old 09-13-2017, 11:21 AM
 
Location: Grosse Ile Michigan
30,701 posts, read 79,339,648 times
Reputation: 39409
Quote:
Originally Posted by Lowexpectations View Post
I don't know if you are still in banking but the bolded is not true according the the expedited funds availability act. Deposits over 5k must release 200 the first business day after deposit, 600 the second and 4800 by the third. There are exceptions for new accounts however and a couple of other things but generally speaking ""checks of that size" do not get 10-15 day holds
Thanks I did not know this. I was not in banking, my wife was. However I was mostly basing that on my experience with bonus checks, but I have not had the big numbers for three years or maybe four. For some time before that, it was all EFT from an account in the same bank with a history at that bank so there was no hold. Last time I deposited a check over $100K it was held - that was probably 7 or 8 years ago, could have been more. I am not sure when we went to direct deposits.
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Old 09-13-2017, 11:23 AM
 
26,145 posts, read 21,360,942 times
Reputation: 22716
Quote:
Originally Posted by ss20ts View Post
That has not been my experience. Last time I sold a house - few years ago - the closing check took over 2 weeks to be completely released to us. While there are federal and state policies, each bank also has policies.
The banks or state policy shouldn't override the federal reserve regulation unless and exception is met per the regulations for a specific check

In 2010 the US banking system went from 23 regions to 1 for determining local check deposits, prior to 2010 if your deposit was not from a local bank it could extend the hold time
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Old 09-13-2017, 11:39 AM
 
4,961 posts, read 5,209,573 times
Reputation: 15711
The teller may not have been used to seeing a check that large. It would appear to be an odd way to open an account.

We had an incident with a bank several years ago over a check that was ~$11K. That was more money than we had in that particular account so the bank locked up all of our money in that account including the money that was already in there. The check was a from my husband's new employer for relocation expenses as we were moving that month. It was a total pita. Our credit card was through them also and set up as more of a debit card. I think I had less than $100 cash. It took several days to clear. My dh finally got them to agree to release $1000 of our preexisting money after a few days.
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Old 09-13-2017, 11:53 AM
 
Location: Posting from my space yacht.
8,452 posts, read 4,708,964 times
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Quote:
Originally Posted by oceangaia View Post
Is Capitalizing all of the Key Words supposed to Impress us or Prove that your Points are Valid?
At least he didn't put.periods.after.every.word.
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Old 09-13-2017, 12:28 PM
 
Location: OHIO
2,575 posts, read 2,051,978 times
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I totally get it's a large check and new account and things need properly verified, etc. But I think they went overboard with arresting the family
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Old 09-13-2017, 01:45 PM
 
Location: Staten Island, NY
3,614 posts, read 1,717,370 times
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Not sure how things work out of state in the midwest but here in NY and the tri-state area the check will come from an attorney's escrow account and are verified at the teller window immediately. In fact, most checks if not all checks are run through a machine and scanned for authenticity. Then you wait for it to clear.

Looking at the facts, Muslim family, out of state check, mid-western bank, LEO involvement. It all adds up to trouble. It reminds me of clock boy. Pushing the limits to see if they can get a lawsuit payout. Not saying this is the case, though would it surprise anyone if that were the case. The only question I have was why they didn't deposit the check in their old home state account and then wire it to the bank. That being said, I think arresting the man's entire family was uncalled for and screams racial profiling. It's not right.
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Old 09-13-2017, 01:51 PM
 
Location: Somewhere in America
15,479 posts, read 15,503,505 times
Reputation: 28452
Quote:
Originally Posted by Lowexpectations View Post
The banks or state policy shouldn't override the federal reserve regulation unless and exception is met per the regulations for a specific check

In 2010 the US banking system went from 23 regions to 1 for determining local check deposits, prior to 2010 if your deposit was not from a local bank it could extend the hold time
I'm talking about post 2010. Even Bank of America holds checks. They're a huge bank. My local small town bank also holds checks.
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Old 09-13-2017, 01:54 PM
 
26,145 posts, read 21,360,942 times
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Quote:
Originally Posted by LGR_NYR View Post
Not sure how things work out of state in the midwest but here in NY and the tri-state area the check will come from an attorney's escrow account and are verified at the teller window immediately. In fact, most checks if not all checks are run through a machine and scanned for authenticity. Then you wait for it to clear.

Looking at the facts, Muslim family, out of state check, mid-western bank, LEO involvement. It all adds up to trouble. It reminds me of clock boy. Pushing the limits to see if they can get a lawsuit payout. Not saying this is the case, though would it surprise anyone if that were the case. The only question I have was why they didn't deposit the check in their old home state account and then wire it to the bank. That being said, I think arresting the man's entire family was uncalled for and screams racial profiling. It's not right.
The check scanner does not verify authenticity. I have one right down the hall from me and while I rarely use it my cashiers do daily I can promise you there isn't a verification if the check is good, if there are sufficent funds or any of that. It reads and formats routing/account number and check amount. It's not doing what you think it does
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Old 09-13-2017, 01:59 PM
 
26,145 posts, read 21,360,942 times
Reputation: 22716
Quote:
Originally Posted by ss20ts View Post
I'm talking about post 2010. Even Bank of America holds checks. They're a huge bank. My local small town bank also holds checks.
And bofa's policy stated here

https://www.bankofamerica.com/deposi...-agreements.go

Pretty much confirms their general policy is in line with what I posted with some exception also as I stated. Starts on page 30 of the PDF
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