Friday, June 11, 2010 - 3:22 PM
Veiwpoint Bank Holds Your Money HostageViewPoint Bank, National Association
I opened an account with Viewpoint Bank and gave them a $10,000 check from my other bank. The check cleared my bank a week ago, but Viewpoint Bank will not release more than $100. I spoke to a manager and told hiim I needed more of my money to do grocery shopping. He kept repeating, "There's nothing I can do. We hold check deposits for ten business days." He sounded like a robot.
He said the information is written in the disclosures. I asked him where since I read the disclosures and don't remember seeing that information. He put me on hold for ten minutes then came back and said, "I don't know where it is." I will be closing this account as soon as they release the other $9,900 of my cash!
6 posts since
Jun 11, 2010
Rep Points: 19
1. Friday, June 11, 2010 - 5:26 PM
Check-hold is a normal practice for many banks, especially for new customers. It is usually termed "Exception Hold" when "there is cause to believe a check deposited will not be paid for due to "new account." The typical hold time ranges from 8-10 days depending on individual bank policy. Even though the check was withdrawn/cleared from the other bank already, the hold will still be effective. Interest accures on the day of deposit, however.
That is why ACH may be a quicker/better way to transfer a large sum of money into the bank, especially when one needs the money in a timely manner. The ACHed fund is available immediately.
1,041 posts since
Jan 16, 2010
Rep Points: 4,754
2. Tuesday, June 15, 2010 - 2:42 PM
I remember several years ago, I deposited a check for $8000 at Washington Mutual. They told me at the time of deposit that any check over $7000 will be help longer than normal as a security measure. I'm sure large deposits like this are held longer for yours and the bank's safety.
2 posts since
Jun 14, 2010
Rep Points: 3
3. Tuesday, June 15, 2010 - 3:54 PM
When you open a new account where you do not have other accounts already, the Bank will classify you as a "new customer" and most will place precautionary holds on deposits for the first 30 days the new account is open. These precautionary holds can be of as much as 2 weeks. You need to understand that the Bank does not know you as a person yet and are wary of new customers, especially if you are not local to them. Many fraud situations happen on newly opened accounts.
My strategy to get around this long hold problem is to open the account with a small deposit, and after the account is older than 30 days, I will then place larger deposits.
13 posts since
Jan 17, 2010
Rep Points: 52