Quote:
Originally Posted by MarkoPolo
This is very common, especially at smaller banks. If you plan on cashing out via check, often, find a new bank.
Quote:
Originally Posted by treefingers
Tried to deposit check from the North at ATM with fail. Took inside to the teller, and she tried to deposit with currency exchanged funds. I told her the check was already in USD. They then said they need to send out to domestic collections, and I had to fill out all these forms. They told me it would be up to 14 business days for the deposit to clear.
Anyone have similar hassle experience? I'm unfamiliar with the internal procedures with banks, but the teller and manager seemed rather incompetent.
Any insights would be nice, thanks.
To be honest, I've tried 3 different banks. One wouldn't take the check at all. My bank (where I've had an acct for like a decade) wanted me to fill out all the forms and said that they couldn't tell me how long it would take to clear, but that they wouldn't post it to my account until they had cash in hand. They also could not tell me in advance what sort of fees I would incur. So I said no thanks.
Finally I tried a credit union. They were very apologetic about not being able to post funds right away. They told me that it could take up to 30 days to post the funds (as they went through a similar process as my bank did). But they did tell me that to process the check would be a simple fee of $35. I felt most confident with this option so I deposited here.
In the end it took 5 or 6 business days to post and no add'l fees except the 35 they told me about. The bank rep who I worked with also told me that if I deposit a few of these checks without incident, I could simply ask the bank manager to credit the funds immediately.
Ultimately, I think this is how the process will shake out for any check received. I have more info about the type of check and what they said about it at the bank, but I don't wanna post here. If you'd like more info about my experience, please feel free to PM and I'll be happy to share it with you.
MOds, if this is too much info please feel free to edit as appropriate.