Primis Bank's Holding Of My Deposit Over 9 Business Days!

pilban | Jun 12, 2023 | 7 posts since 2023

I don't know how to react to the Primis digital bank's absurd long hold of my ach deposit of $20,900 over 10 business days. It's my first bad experience in my life.

After 5 busiess days of holding, I had talked with two customer service reps who repeatedly told me it will be cleared next day but it's still not cleared on the 9th business days.

How could an ach deposit of $20,900 initiated from my external bank on 30th of May to Primis online savings account be still pending?

I have filed a complaints to FDIC last friday.

Do I have to hire an attorney? Other advices will be highly appreciated

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Answers

midas89 | Jun 12, 2023 | 996 posts since 2017

I saw the following elsewhere. If legit, she offered to help someone else having a problem with Primis. I have no idea if it will lead to success, but it might be worth a shot. Good luck!

Director of marketing email address [email protected]

pilban | Jun 12, 2023 | 7 posts since 2023

Thank you. I will send e-mail to Mandi today

Rickny | Jun 12, 2023 | 1,296 posts since 2017

GH1 I agree with your statement regarding the number of hold days. Pilban .. Is this your initial deposit to open the account? Many savings accounts have 10 day holds on the initial investment. There are other 5% or so savings accounts like UFB and Newtek bank that you can change to.

If there is a 10 day hold the reps should have advised you. A lawyer would probably charge you a $3000 retainer that they will bill you for any calls, letters etc. and they would drain that at any chance. I always read deposit agreements to see the terms or restrictions on accounts. I don't remember if Primis had a 10 day business hold. I would register a complaint with the CFPB.

I have a Primus account and have no problems. I do an ACH in the Am and it is in myaccount in the afternoon.

pilban | Jun 12, 2023 | 7 posts since 2023

Thanks for your advice and I had been satisfied until this sudden crazy thing.

pilban | Jun 12, 2023 | 7 posts since 2023

Thank you so much for your helpful advices.
I have a premium checking account and a savings account opened both on February.
There were no problem for the previous deposits until May 30th ach deposit of $20,900 to savings account which has not been cleared yet.
As I tried to withdrow all of balance from premium checking account last Friday, I will post if it is successful this week.
It's exactly 9th business day as of today and they have always lied to my phone calls not responding to my e-mail.
It's so frustrating and time consuming terrible experience.
I think

GH1 | Jun 12, 2023 | 1,053 posts since 2017

I don't know about primis. But I have had holds of 9 working days. Depends on when submitted and if holidays. So if submit on a Saturday. Start of transfer is Monday or even Tuesday in some cases. Now start counting working days. I stay away from those banks now. Thanks for info. I don't think I want a primos account and any rate

pilban | Jun 12, 2023 | 7 posts since 2023

It's business days excluding weekends and terribly regretting. Thanks

racecar | Jun 12, 2023 | 616 posts since 2014

It depends on the amount and how new your account is. If your account is new, say within the first 30 days, then that's normal and run-of-the-mill at most places. Also two other things to keep in mind: (1) there might be a problem with the initiating bank too (call that bank the funds were sent from to make sure). And (2) Primis is really good about giving interest from the business day you request the transfer so if it shows, even as pending, on Primis' end, at least you should be getting interest on it even if it hasn't cleared.

It's not wrong to call Primis to ask about it, but I'd also check with the other bank... and especially if it's your initial deposit to Primis, or you've had Primis less than 30 days, that's normal.

pilban | Jun 12, 2023 | 7 posts since 2023

My accounts were opened in mid of Feb.

choice1 | Jun 12, 2023 | 370 posts since 2023

DA should be the entity giving answers in view of bank’s inaction, ie why have it listed if not with accurate, current and complete info?

JeffinEasternFL | Jun 12, 2023 | 744 posts since 2020

Complain to OTS (Office of Thrifts and Supervision). Try MBoI! My deposits are credited in hours, never a "hold", the Wires are free, there are no fees, unlimited ACH amounts in or out and in high OR LOW interest rate environments, they are in top 10%~ of rates (look it up). Checks are free too! I even got a handwritten Thank You note when I opened my account - and it is FDIC insured to $1M. Why Park liquid dollars elsewhere??? Merchant's Bank of Indiana - oh they answer the phone LOCALLY at the BRANCHES too! No wait! No answer machines. Even secure message via website are same day answered, often n under 3~ hours!

midas89 | Jun 12, 2023 | 996 posts since 2017

@JeffinEasternFL Regarding MBoI, you asked "Why Park liquid dollars elsewhere???" (I am only responding because you asked a question. MBoI certainly has some nice positives, and I am not denigrating them.)

I have a potential answer for you which will of course apply to some people, and not apply to others. For people like myself who want their money in a bank where said bank allows initiating ACH transfers directly from the bank holding the money, this could be an answer to your specific question.

Now, for people who are perfectly fine with only being allowed to initiate the ACH transfers from their external accounts, their answer to your question might be Jeff, you are correct, why park liquid dollars elsewhere, indeed.

Another potential to why park liquid funds elsewhere could be MBoI's saying for the money market savings: "Limited to 6 preauthorized transfers or withdrawals per monthly statement cycle." If someone only wants a bank that offers unlimited withdrawals from savings or money market accounts, they might answer your specific question with this answer.

Regarding your "never a hold," I'll add some context. It's common with all banks that money pushed in from an external bank would naturally have no hold time. (It's typically only a hold time when one ACH pulls into a bank where they initiated the pull from that bank.) And since MBoI only allows ACH pushes from external banks, can we really add "never a hold" to the list of MboI positives.

Rickny | Jun 12, 2023 | 1,296 posts since 2017

Take your money out and open an account with Brillant that pays 5.25%. Pays more than Primis.
https://www.brilliant.bank/saving/

I have a grandfathered checking accoun with Primi that pays 5.10%. No limit on checks and they are free

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