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1. Sunday, November 28, 2010 - 9:19 AM
I understand your frustration, but a lot of questions came up for me when I read your post.
Have you made your employer aware that the paychecks are being put on hold at the bank and has your employer followed up and gotten a reasonable explanation? Have you yourself talked with the Loss Prevention department yourself (admittedly probably not the easiest people to get hold of) to understand the reason for the holds?
Somewhere in their account disclosure statement (AKA fine print), banks discuss holds on deposits and they generally include a clause stating that they will put a hold on any check they believe may not be paid.
Is it possible SunTrust thinks your employer may be in financial trouble and the check may not clear? If so, that may be why you are getting a five day hold consistently - just because one paycheck clears does not mean the next one will. I would check with other employees at your company (whether banking at SunTrust or not) to see if they are also experiencing holds on their paychecks. If so, that may be a strong signal that other banks may also be considering your employer to be in financial trouble - which would be good for you to know.
Good luck to you~
Have you made your employer aware that the paychecks are being put on hold at the bank and has your employer followed up and gotten a reasonable explanation? Have you yourself talked with the Loss Prevention department yourself (admittedly probably not the easiest people to get hold of) to understand the reason for the holds?
Somewhere in their account disclosure statement (AKA fine print), banks discuss holds on deposits and they generally include a clause stating that they will put a hold on any check they believe may not be paid.
Is it possible SunTrust thinks your employer may be in financial trouble and the check may not clear? If so, that may be why you are getting a five day hold consistently - just because one paycheck clears does not mean the next one will. I would check with other employees at your company (whether banking at SunTrust or not) to see if they are also experiencing holds on their paychecks. If so, that may be a strong signal that other banks may also be considering your employer to be in financial trouble - which would be good for you to know.
Good luck to you~
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