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Home >> Accounts >> Checking Accounts
Getting Check Funds in Increments?
I was sent a check for $12,000 from my TSA, which my wife deposited into my Bank of America checking account. Afterwards, the bank said I only had access to $100. A week later I could have $4900, and a week after that, the balance. Is this legal? Is this proper? They said that all other banks would do the same thing.
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 It is legal, and the schedule appears correct. Banks are permitted to impose holds on funds deposited by check, even cashier's checks, when the amount deposited exceeds $5,000. Assuming that the check was non-local to your Bank of America branch, the limits on such a hold would be $100 available on the business day following the banking day of deposit, $4,900 on the fifth business day (one calendar week) following the banking day of deposit, and the balance on the 11th business day (15th or 18th calendar day) following the banking day of deposit.
While it would be technically correct for the bank representative to have said all other banks could impose the same delays, not all banks do so. Placing such holds is at the discretion of the bank accepting the deposit.
Published on BankingQuestions.com 7/03/09
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