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Home >> Accounts >> Checking Accounts
Government Checks: How soon are deposits available?
I deposited our Federal Government Stimulus check and my bank put a hold on it. I would never even thought that they would hold a government, electronically signed check. When I withdrew money from the bank's ATM, the machine dispensed money to me, but then the following day, my account was assessed eight service charges on all of the items that hit on that day, because of the hold. I told customer service that I should have the service charges returned because of the nature of the check, and that there was actually money in the account, and that I have been with the bank for twenty years and have a good history. My online banking does not even show a negative balance.
They are giving me the run around, writing me letters, etc. Is there any way for me to get my service charges back?
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 If you endorsed the check and deposited it in person with a teller at the bank, there should not have been a hold placed. The funds should have been available to you on the business day immediately following the banking day the deposit was made, because the check was issued by the U.S. Treasury. If you deposited the check at an ATM, the bank was entitled to hold the funds one extra business day.
You didn't say when you withdrew funds at the ATM. If you made your withdrawal on the same day you deposited the check, the bank may have a legitimate case for assessing overdraft fees, because the funds from the deposit didn't need to be available until the next business day. However, even if that is how it happened, the bank hasn't given you a prompt refund based on the facts and the prior good track record. If your bank has not yet reversed the charges, ask to speak to to the manager of your branch, rather than a customer service phone representative.
Published on BankingQuestions.com 8/07/08
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