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In reply to the discussion: Should Ally Bank Penalize Me for 6 Months over a $1.63 Mistake? [View all]Orrex
(63,754 posts)41. You're getting screwed, but...
You note:
But what Regulation CC doesnt seem to say is that every check the customer deposits for the next six months will be held for 5 business days (which, of course, means 8 days because the day of deposit doesnt count and theres always a weekend in there).
Well, there's this:
For certain types of deposits, Regulation CC permits financial institutions to delay, for a "reasonable period of time," the availability of funds. A "reasonable" time period is generally defined as one additional business day (making a total of two business days) for on-us checks, and five additional business days (total of seven) for local checks; your institution may impose longer exception holds, but you may have the burden of proving that they are "reasonable."
And if you're a new (less than 30 days) customer::
Deposits into accounts of new customers (open for less than 30 days)--Next-day availability applies only to cash, electronic payments, and the first $5,000 of any other next-day items; the remaining amount from next-day items must be available by the ninth business day. You may choose any availability schedule for deposits of other checks into the accounts of these new customers.
So, yes, you're getting screwed, but what they're doing seems to meet the requirements, and another bank might very well treat you the same. Have you considered a credit union? They're generally less inclined to abuse their customers.
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In banking and with prescriptions, I find it's better to deal with a human face.
No Vested Interest
Nov 2015
#34
On a cost/benefit basis credit unions are almost always better for small depositors.
Gormy Cuss
Nov 2015
#66
I agree. I have been with them for about 15 years and have NEVER had a problem
smirkymonkey
Nov 2015
#64