Quote:
Originally Posted by pubhead
I got a question I do my banking with a major banker rhymes with race anyway Ive been getting several checks for $2,995.00 over past month the first one cleared and posted within 24hours. The next week I did the same only this time I got a call saying that they will only process $5,000.00 worth of foreign check transactions in 30 day period and that id have to wait 4-6 weeks for collections of the funds. upon pressing them for a clearer timeframe I was told that it would take 16-17 banking days most likely for the funds to clear and that any fees associated would be taken out of my checking account regardless of weather the funds were available or not. my question is what other banks or credit unions have similar policies i.e the $5,000.00 limit on foreign check transactions so I can spread this load around a bit and get my $$$$$ a little quicker. I live in Michigan any help and or advice appreciated.
I ran into the same thing a few months back. I changed bank accounts a few months back. I deposited a check from Canada (I'm in the US). They credited my account, then 2 days later took it back out of my account, and made me wait 7 weeks. When they first took it out of my account, I called and they said "sir banking regulations give us the right to hold foreign checks for up to 12 weeks, be happy we didn't do that". They were rude. So yes, some banks do this.