My bank put a seven-day hold on my retirement check issued by another state treasury. It was electronically transferred, and my bank had the money the next day, but I could not access it. Both banks use the same depository institution. What can I do about this?
If your bank received the credit to your account via the Automated Clearinghouse (ACH), it is required by the ACH rules and by federal regulations to give you access to your funds by the opening of business (or by 9:00 a.m. if the bank's business day starts later) on the Settlement Date for the transfer. The Settlement Date is normally the pay date established by the paying party (the state retirement board or state treasurer's office in your case).
Ask the bank to release your funds on time in the future. If you have further problems, you can lodge a complaint with the bank's management and/or its principal state or federal regulator, or, you can simply "vote with your feet" and move your business to a bank that is more responsive to your needs and the regulations that govern it. Changing the bank account that your retirement funds are routed to should be an easy process. Contact the retirement board for guidance.
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If your bank received the credit to your account via the 