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How Long Can the Bank Hold My Money?

I just want to know how long can a bank keep my account frozen. I had some money put in, and they want written documentation, but this could take up to a month. I want to know if legally the bank can hold my money for that long.

Untitled

Documentation of what? If the delay is lack of documentation of your identity or authority to open the account, the bank is probably sitting in the driver's seat. You won't have access until you deliver what they require.

If the funds are now totally collected, i.e., any checks you gave them for credit to the account have been paid by the banks on which they are drawn, if the bank won't open the account it should return your money. If the bank said that it will wait only 30 days for the documentation of your identity, you can expect that the bank will close the account at the end of that month and return the funds at that time. If you won't be able to provide the requested documentation, you may be able to shorten the waiting period by simply telling the bank you don't wish to open the account after all.

Published on BankingQuestions.com 7/03/09