I received and deposited a check, and received immediate cash for almost all of it. Is there no verification or hold period before cash is available? Check was returned "no funds available". I wired money as instructed, before the check was returned.
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There is no requirement that a bank place a hold. In most cases, questions here on holds are complaints because of the hold.
Still, even with holds, this happens. The check comes back after the hold expires. In many cases it is a scam. Over-payment scams are growing again. This is where you sell something or provide some service and are over-paid. The overage is wired out and you are left holding the bag.
You deposited the item as good and your bank handled it that way. In the future, consider sending items you are suspicious about for collection. That way, they are sent and paid only when the funds are verified. It takes longer and may cost you, but less than it did in this case.
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There is no requirement that a bank place a hold. In most cases, questions here on holds are complaints because of the hold.