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Check Hold Times On New Accounts

twinlabs
  |     |   131 posts since 2022

Opened an account at BMI FCU and was told their check hold time was 2 weeks . Is this standard? Seems excessive.

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me1004
  |     |   1,379 posts since 2010
For the first 30 days of a new account with a financial institution, they are allowed to hold checks longer than the rules otherwise would state. I would have to look up the maxumum hold in the first 30 days, but you can do that now that you know what to look for.

Don't forget, normally you get a certain amount of money taken off hold the next day, and more at the specified intervals for the larger amounts. The final amount off hold woud be the two weks you're talking of. You likely already have access to some amount.
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