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1. Wednesday, December 12, 2012 - 11:41 PM
I think your friend needs to be terminated from the FDIC for giving you false information. The Expedited Funds Availability Act, aka, Reg CC, states that the longest time a bank can place a hold on a check is 9 BUSINESS days. That would be for new accounts less than 30 days old. You stated that you have an account 6 months old, and had a previous overdraft. Depending on your overdraft situation, the bank can place a 7 BUSINESS day hold. Notice I keep capitolizing "Business" as in BUSINESS days? Check what your bank considers a business day. If Monday to Friday are business days, then consider this:
You deposit a check on Friday 12/14/12. Depending if your bank has a cut off time, Friday could either be business day 1, or Monday could be business day 1. Lets say that your bank does NOT have a cut off time. So Friday is day 1. Saturday and Sunday do not count as business days, so Monday now is your second business day. Wednesday is the 3rd, Thursday the 4th, and finally, Friday is the 5th business day. But your check has a 7 BUSINESS day hold. So now, Monday is the 6th, Tuesday is the 7th BUSINESS day. A check you deposited back on 12/14 with a 7 business day hold, is now avilable on 12/25/12. WAIT!!! That's Christmas, A Bank holiday. Scratch that! Your check is now available on 12/26/12. If you do the math, that's actually 12 days after you made the deposit. The key is business days. At any rate, business or non business days, Your friend at the FDIC is flat out wrong for saying a bank can not place a hold longer than 7 days.
You deposit a check on Friday 12/14/12. Depending if your bank has a cut off time, Friday could either be business day 1, or Monday could be business day 1. Lets say that your bank does NOT have a cut off time. So Friday is day 1. Saturday and Sunday do not count as business days, so Monday now is your second business day. Wednesday is the 3rd, Thursday the 4th, and finally, Friday is the 5th business day. But your check has a 7 BUSINESS day hold. So now, Monday is the 6th, Tuesday is the 7th BUSINESS day. A check you deposited back on 12/14 with a 7 business day hold, is now avilable on 12/25/12. WAIT!!! That's Christmas, A Bank holiday. Scratch that! Your check is now available on 12/26/12. If you do the math, that's actually 12 days after you made the deposit. The key is business days. At any rate, business or non business days, Your friend at the FDIC is flat out wrong for saying a bank can not place a hold longer than 7 days.
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