Bank Is Holding Our Funds

  |     |   1 posts since 2020

We received an inheritance check for 100k, it was a cashiers check from JP Morgan. So we deposited it by sending it overnight, we bank online. They showed the funds released the next day, so we started writing checks to contractors for our remodel. Then they locked the account, saying the check had to clear. Ok I get that, but JP Morgan said they would be happy to verify the check and funds, our bank says they can’t reach them. It’s been over 2 weeks and they still say they are waiting on the check to clear, while JPM said it has cleared. Options?

  |     |   2,887 posts since 2010
A bank can place a hold on the amount of the check deposited in excess of $5,000, but the first $5,000 generally must be made available in accordance with the bank's normal availability schedule. ... You may end up withdrawing the funds before the bank knows that the cashier's check is fraudulent.As a rule the banks has to release the funds on the 9th day. 
If you kept a copy of the check you can call the issuing bank and give them the routing and transit number account number and check number and they can verify if the check has been paid. 
  |     |   156 posts since 2011
I've had to wait 10-11 business days for a cashiers check to clear. I will not release anything I sell until MY bank clears any check I receive --cashiers included.

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