My Credit Union put a 10 day hold on a check I deposited because I was negative $44 in the checking account. I don't have overdraft because once, when I had a large sum of money in the savings account, I found that the entrire savings account could be overdrafted from the checking account by anybody with my debit card number so I cut off all forms of overdraft... if you are looking for intelligent life, do it outside a financial institution or be very disappointed... I am open to suggestion as to places to do banking that are more business oriented. Personally, when it comes to IB, I like them, who else has so much third party support via an API?
Man, this same exact thing just happened to me! I didn't feel like paying $20 for a wire and waiting in a long line at the bank so I just did the bill pay thing online. I understand that they are protecting themselves...but if they already cashed the check....what is the point? They aren't very clear on this policy. I thought it was just a hold on withdraws, but you could trade with it right away. Oh well...I got 7 more days to wait now
I understand it's for their protection but I don't understand why they can't credit your account but put a hold on the money.
if they let you use partial funds and you put trades on and lost money and then the check didnt clear, they would be stuck with the trading losses.
Good luck with that, customer service at banks died years ago not to mention credit cards. I got a card from citi didn't use it so they call me concerned. Then a few months go by and I charge a measly couple hundred dollars, then they want to shut the card down as they thought it may be fraud, fuckin retards all!
They do it because checks bounce. I have had checks bounce back more than 2 weks after they supposedly cleared, and one of these checks was from BIG money center bank - JPM. They are just protecting themselves as I would (and will from now on).
ah, ok. I see. Well, they should at least make this policy clearer. I would have paid $20 for a wire if I would have known it would save me a week of time.