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cashing insurance check
varian
Member Posts: 2,250 ✭✭✭✭
does this say something for the industry? my bank wont cash an insurance check without putting a 5 day hold on it.
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I would change banks.
Nothing new, I had this happen way back in 1989 at two different national banks. The first one told me about the hold so I went where I had another account and they told me the same so I gave up and just waited the 5 days. I had assumed that 33 years later with the advancement of electronic money transfers that it would have gotten a little more efficient, guess not. Bob
My bank tells me it can take up to five days for a check to clear. I was told they run a batch of checks at one time, not every day???
I would ask them if I could use the same rules and "float" a check for five days - without suffering any penalties for insufficient funds.
They have to order the money to be delivered to their bank so they can pay you. Banks have very little cash on hand.
we sold a house and wife account had money wired to it at the closing, she then went to her bank the next day and had cashier check made out to me for over 200grand, BOA held it for 10 days but didn't bother to tell me at the time I deposited it in person, it's pure BS especially for the larger banks with all checks being done electronically these days....
this was a small $200.00 check. lady says they put a hold on all insurance checks
"They have to order the money to be delivered to their bank"
And all this time I thought they just made it in the back room like the grocery store does hamburger.