HOW LONG CAN BANK HOLD MY MONEY

michellem_5
  |     |   7 posts since 2018

I deposited a "cashier's check" that Bank of America paid out to me for the money in my checking account when I closed it. On 9/24/18, I opened an online bank account with Ally and electronically deposited the cashier's check into my new Ally checking account (they don't have brick and mortar branches). Because I was a new account owner, they said they needed to hold the check for 5 days to ensure it wasn't fake, etc. On the 6th day, I contacted them and they notified me that they needed some identity documents as they were initiating a fraud investigation. I complied and gave them everything they asked for (and more) and on 10/10/18 they finally cut me an "official bank check" for the funds in my account (the 1 and only check I deposited - no other transactions were attempted or completed). I tried to cash the "official bank check" at every bank in town and every retailer who cashes checks and no one would cash it because it didn't have the bank's return address or phone number printed on it or my address as the payee. It looked very unofficial. So they sent me a lost/stolen check affidavit to fill out and have notarized and said they would then issue a new check. I sent the notarized and signed affidavit to their Operations department as directed on or about 11/10/18. I called today to see why my new check still hasn't been sent out and nobody can tell me anything and they say I have to talk to this one employee (who's phone number they say they don't have) and they can't tell me anything else and that the investigation is STILL ONGOING unbeknownst to me. What are my options to get my money at this point or do I just have to sit and wait. They've dropped the ball a number of times during this process also.



Answers
RJM
  |     |   499 posts since 2011
Im confused.
If you deposited a check at ally on 9/24, why did they send you an official bank check?

And why would you try to cash it all over town?

Why not just write checks from Ally? Or do bill pays or whatever?

Ive been using banks & credit unions for the last 40 years and NONE OF THAT has ever happened to me.

Banks have holds. And they need to confirm your identity.

Not usually a problem for 99.9% of people.
michellem_5
  |     |   7 posts since 2018
They sent me a bank check because I closed my account with them. And the reason I tried to cash it "all over town" is because I didn't have another bank account to deposit it in and needed the money. Why else would I try to cash it "all over town"? And they have more than verified my identity lady. I've sent them every document they've asked of me and I also went inside a local bank (that they sent me to) and showed them my ID so they could then let Ally know my ID was verified. Oh and by the way, THIS HAS NEVER HAPPENED TO ME EITHER, hence the reason why I'm asking these questions here.
RJM
  |     |   499 posts since 2011
So you closed your account and made things worse and you blame the bank for that too?
michellem_5
  |     |   7 posts since 2018
Oh I'm sorry, I must have missed the requirement to keep my bank account open for a certain period of time. Maybe you can try and school me in that too. And closing my bank account is the whole reason the check was generated in the first place so how exactly does that "make things worse" here? Please do tell....
me1004
  |     |   1,379 posts since 2010
What URL and phone number are you using for Ally? The whole thing sounds fishy, and I agree that a bank check with no bank address on it is suspect. But I note, while the other banks and check cashing places would not "cash" it for you, could you deposit it and wait for it to clear? Why did they pay out the funds to you -- did you open and account and then days later wanted to close it out -- that's suspicious?!

The story is is full of holes that need filling.
michellem_5
  |     |   7 posts since 2018
The URL is www.allybank.com and the phone number I'm calling is 1-877-247-2559. I couldn't deposit it at the time because I didn't have another bank account. I've only recently opened one and it's also an online bank. Due to my credit, it's been difficult finding a bank that will open an account for me. They paid out the funds bc I closed my account. It was not days later but rather a couple weeks later that I closed my account.
michellem_5
  |     |   7 posts since 2018
I apologize, the URL I've been using is www.ally.com.
nao597
  |     |   16 posts since 2017
Maybe the problem is “cashier’s checks” and “official bank checks” as per your post. Try using cashier’s checks and official bank checks, they work 100% of the time. But watch out for those “deposit slips”, they’ll get you every time.
michellem_5
  |     |   7 posts since 2018
I WAS using a cashier's check to open the account and an "official bank check" was submitted to me when I closed my account. I'm confused as to your answer here. And what do deposit slips have to do with any of this?
nao597
  |     |   16 posts since 2017
And if no one would cash it “all over town”, how did it get lost/stolen? Didn’t you still have it?
michellem_5
  |     |   7 posts since 2018
Well, as I MENTIONED BEFORE Ally requested that I fill out a lost/stolen check affidavit EVEN THOUGH IT WASN'T LOST OR STOLEN; I just needed a replacement because the original one they sent me wasn't cashable or able to be deposited anywhere in my town. It has no address for the bank on it and no no other information than the bank name in the left hand upper corner and the "Pay to" name. No address or any other information on the "official bank check" they issued me. So technically it wasn't lost and/or stolen. Hence, part of the whole debacle here.
RJM
  |     |   499 posts since 2011
Congrats and good luck on your continued victimization.

My big problem with ally is they take 2 days to respond to emails.

Oh, the humanity!


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