As a Fulbright-fellow, I receive my checks from the State Department; thus I am paid by the U.S. Government. The Bank of America, where I opened an account, put a hold on my check for fifteen days, so I cannot access my money until October 7th. I would like to ask if this is a legal procedure in U.S.A. I am in San Diego, and the check was issued in New York City.
If the check was drawn on the U.S. Treasury, no hold should have been placed beyond the first business day following the day you deposited the check. For a new account, the first $5,000 of such a check should be available on a next-day basis; any excess over $5,000 can be held for up to 9 business days. Is it possible that your checks are drawn on some account other than that of the Treasury?
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If the check was drawn on the U.S. Treasury, no hold should have been placed beyond the first business day following the day you deposited the check. For a new account, the first $5,000 of such a check should be available on a next-day basis; any excess over $5,000 can be held for up to 9 business days. Is it possible that your checks are drawn on some account other than that of the Treasury?
