Can an ACH deposit to a savings account be received by the bank or credit union but with instructions not to deposit it to my account until some days later?
I have this very situation going on now with a tax refund from the IRS that Alliant Credit Union has been sitting on but not depositing to my account.
Alliant has had it listed on my account as pending for at least two days now -- and that listing indicates an "expiration" date of tomorrow, April 20. I called Alliant and asked why it is not already posted. Both the basic customer service representative and a supervisor acknowledged that they do have the money from the ACH, it is not that they simply have a notice the deposit will be sent, but they say they have received it. But they say the sender (the IRS) has indicated not to deposit it in my account until tomorrow.
This strikes me as bizarre. If the sender has already given the money, as Alliant confirms, how can they delay deposit to my account, how can they require Alliant to take multiple days of float with me getting no interest? Its not even as if the tax refund is not yet due. I could get no further explanation from Alliant, they simply said that is how it is. I also don't see how "expiration date" means "do not deposit until that date." If anything it seems "expiration date" would mean deposit no later than that date or lose it. So is Alliant actually taking the maximum float it can, and only then making the deposit?
Is this a true explanation Alliant is giving, or are they simply exploiting me, maybe cheating me?
I note, a withdrawal that came in from the IRS the same day was posted immediately, the money immediately taken out of my account! While the withdrawal was taken immediately, Alliant is sitting on the deposit for multiple days.