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Home >> Checks/Money Orders >> Checks You Received
Time Release of Funds?
I want to know if a bank has the right to release funds to me as they see fit. Here's the deal. My father gave me $35,000 to pay off some bills and to do some things to the house, but the bank has put a ten day hold on the money. They told us that they would release some of the money in two days, but they will only release $10,000 at that time, and three days after that they will release a little more. Can the bank do that? Why won't they release the whole $35,000 once they know there is no hanky panky going on? My bank won't tell me anything.
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 Banks have to follow Regulation CC, which addresses funds availability. Based on the size of the check, your accounts with them, how far your father's bank is from your bank, and the type of check deposited (personal, Cashier's, etc.) different hold amounts apply for different time frames. It sounds as though your bank is trying to follow the rules to the letter, providing you with incremental amounts as required. Yes, not only can they do this, but there are requirements for them to follow.
Published on BankingQuestions.com 9/24/08
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