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I tried to deposit a certified check from my checking account into my business account (different banks) and it was fine, as I expected.


Next day I try to cash another certified check from that checking account into my business account, and I was told a hold was put on $1400 of it until September.


I don't understand how a certified check could have a hold on the money since that money is held "hostage" until the check clears and there is no risk for the cashing bank. I was told it was because it was a relatively new business account, but I'm still perplexed and quite a bit aggravated. The teller sounded as if she was trying to sound reassuring, "ONLY $1400 of it is being held!" Wow. That makes it better.... :rolleyes:



If the amounts are relevant, the 1st check was for around $15,000 and the second was for around $7,000. You'd think a hold would have been placed on the 1st one....



Someone smarter than me please explain?
 

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alot of times banks will do that if it is an out of state bank..... or if it is from a smaller bank....

if there is something you want to pay off with that money and you are incurring interest, you can make the bank pay for the interest you got charged

just a tid bit
 

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There are lots of fake certified checks out there these days. And the bank doesn't actually receive the money until a few days up to a couple of weeks from the date you deposited the check. That's how a lot of the eBay scams work.
 

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There are lots of fake certified checks out there these days. And the bank doesn't actually receive the money until a few days up to a couple of weeks from the date you deposited the check. That's how a lot of the eBay scams work.
Exactly. Most banks will have a funds availability policy that explains it in detail if you ask. Note that they almost always restate Federal Reserve regulation CC - check out:

A Guide to Regulation CC Compliance

for more info. The regulations do allow holds for periods up to eleven banking days for exactly the reasons andykeck explained above. And, there's no rule requiring them to pay interest on unavailable funds that I'm aware of...

John
 

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Banks/Bankers = scumbags. Always there to take, never there to help or give at all.

Ready to seize your assets/deposits at a moments notice in the case of an 'emergency'.

FDIC is a joke. Paper, worthless notes, not backed by anything. Keep as little as possible in banks and never trust them for a minute. Study what the Argentine bankers did to those people with their paper savings. The equivalent of $50k value to $2.50 in one year, then handled back the money. Pukes all .... did I mention I hate bankers?

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FDIC is a joke. Paper, worthless notes, not backed by anything. Keep as little as possible in banks and never trust them for a minute.
And what other store of value do you use?
 

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I tried to deposit a certified check from my checking account into my business account (different banks) and it was fine, as I expected. Next day I try to cash another certified check from that checking account into my business account, and I was told a hold was put on $1400 of it until September.

Someone smarter than me please explain?
...maybe they heard about that ferrari...
 

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Gold, bought a lot 3-4 years ago when I learned about FIAT money. Already up a lot and will retain/increase value as the dollar crashes; and it will crash, very badly. Gold coins are easily redeemed for cash or goods. If you have cash savings it is already down 10% in value in one year, gold up. Cash in a bank is just nothing more than worthless paper. It is the general consensus opinion that it is worth something that keeps that illusion alive. (sticks with notches were the longest held form of money) FIAT money, paper, backed by nothing. I have a $10 bill from the 20s that says 'redeemable in Gold' - now that was backed by something.

Yes, you must use a bank, that is a given unfortunately. However, it is not necessary for most people to SAVE $$ in banks via checking, savings, CDs, etc - if you do, someday you will wake up to $-0-, locked out.

Go to any teller and ask her/him what happens to your 'savings' in an 'emergency.' Answer: Seizure. You can't have it. Account locked while the value slides. Same with stock accounts. Research it. We are planning to go kill 1-2 million Iranians before this year is up. Do you really want your savings in a bank? I say no thank you.

FIAT $$: Money that a government has declared to be legal tender, despite the fact that it has no intrinsic value and is not backed by reserves.
 

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ok so if i want to convert my money(or at least the portion that is not being used) to gold, which i might add at this point seems like not a bad idea, how would i go about it?

where do you keep it, a safe deposit box?

Just curious.

also what sort of conversion loss do you incur?

thanks!

i love this forum, so random.
 

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I tried to deposit a certified check from my checking account into my business account (different banks) and it was fine, as I expected.


Next day I try to cash another certified check from that checking account into my business account, and I was told a hold was put on $1400 of it until September.


I don't understand how a certified check could have a hold on the money since that money is held "hostage" until the check clears and there is no risk for the cashing bank. I was told it was because it was a relatively new business account, but I'm still perplexed and quite a bit aggravated. The teller sounded as if she was trying to sound reassuring, "ONLY $1400 of it is being held!" Wow. That makes it better.... :rolleyes:



If the amounts are relevant, the 1st check was for around $15,000 and the second was for around $7,000. You'd think a hold would have been placed on the 1st one....



Someone smarter than me please explain?
I'm not smarter than u, but as someone who deals in moving money around all day long, I will add that there is a lot of discretion within the bank, and simply getting to the right person in the bank should help. When you say Sept., that's the confusing part. Say, "please show me the relevant bank policy that implies Sept." I am very rigorous with my bank, bc they will take advantage of smaller dollar customers ...and my opinion is I can take my business somewhere else pretty fast. As far as some abstract reference to an Ebay scam, tell them, "I've been a customer here for xx long; the account is established; this certified check has the watermarks and all the modern fraud protections, and you guys can verify funds in 24-48 hours via EFT....what's the problem?" Banks are under lot of pressure to eke out every cent they can and working the float (at your expense and inconvenience) is any easy and low-risk way to make money. Stay on them!

Finally, to the person who asked about gold, there are at least 3 - 4 ways to get long exposure to gold. Compare the benefits of each, but the oldest way (owning the bullion) is not recommended. If you really want info, PM me or look online. Altho you might not bother if you're talking less than several thousand dollars worth?
 

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Banks/Bankers = scumbags. Always there to take, never there to help or give at all.

Ready to seize your assets/deposits at a moments notice in the case of an 'emergency'.

FDIC is a joke. Paper, worthless notes, not backed by anything. Keep as little as possible in banks and never trust them for a minute. Study what the Argentine bankers did to those people with their paper savings. The equivalent of $50k value to $2.50 in one year, then handled back the money. Pukes all .... did I mention I hate bankers?

Christ! Enough of the conspiracy theories. I'm sure next you'll tell us that 9/11 was "an inside job", right?


.
 
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