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Okay, last week was a good financial week for me, finally, so I paid every single one of my credit cards off, thinking that is a good thing.
You guys are gonna LOVE this! The credit card companies had my money, it was no longer in my checking account, but they refused to post the payment for seven days!!!! Please! We are talking $10,000! If I had known that, I would have only paid half off! So, my CC were maxed, and my bank account was almost empty because I paid off my cards, but the cash was just gone, held in limbo by Juniper bank, and Barclay bank.
They said they could not post the cash because they thought the check would not clear the bank, so they waited seven days! I called practically every day this week, asking when it would post.
Note, I have had these cards for over four years! They decide this week that I am a dead beat, that will bounce a check? When I have never bounced one in four years?!
I guess I just thought that they would post it right away.
Yet another way banks mess with you.
They don't mess with you. They've been defrauded enough times by people who deposit money, withdraw right away, and then it turns out the checks were bad...they are going to make sure the check is good before they make any commitments.
when i deposit my bonus check it usually takes an extra couple of days for them to put the money in my account because of the size of the check.
I have never heard of that. When I worked at the banks I worked for the procedure was this -- you bring me a check for say -- 25K. I deposit that check into your account and then place a hold on those funds for a determinated amount of time depending on the check -- up to 10 days.... which was down from 13.... and I think may even be 5 days now.
The funds were there, but you couldn't touch them. AND -- if you had to have the money as fast as possible, we'd keep a copy of the check and call the bank to see if it had cleared, and when it did, removed the hold. (but I have come to realize I worked for two banks that actually CARED about their customers)
There was never a general account that we put checks into until they cleared and then credited you the money.
I have never heard of that. When I worked at the banks I worked for the procedure was this -- you bring me a check for say -- 25K. I deposit that check into your account and then place a hold on those funds for a determinated amount of time depending on the check -- up to 10 days.... which was down from 13.... and I think may even be 5 days now. .
They do still do this...but it's only 1-3 days now, I believe. It's in your account, but you can't withdraw against the whole amount until they can verify funds.
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