My bank routinely places a hold on my business deposits. How can I get them to credit the money sooner than ten days and/ or stop this practice?
Banks place holds on deposits to avoid losses. You may be surprised at the number of deposits that would walk out the door the day after the deposit was made, only to have that deposited item bounce at the bank it was drawn on. That reverses the whole process except that the deposit taking bank already let the cash be withdrawn and they are left holding the bag.
Holds are placed under a banking regulation, Reg CC. This is where the guidance comes from as to how long one check is held over another, but this provides the maximum days. Your bank is free to shorten this for you, but will review your relationship with them first. They'll look at the deposits you typically make, how much money you typically have in your account and your history with them otherwise. If you have $20,000 on deposit on any given day and your checks deposited are $2,000 a week and you have little or no history of returned items, your chances may be good. That is just an example though. It is their option to shorten these periods. If you ask and they refuse, you may look for another bank.
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Banks place holds on 