I received a check from an attorney for $20,000, drawn from Nevada State Bank. I bank with WAMU. Why do they need to hold my money for 11 business days? I know the check will clear way before that. The lady on the phone also said the government needs to check it, whats up with that?
The government isn't checking on items such as this under normal circumstances. There is a banking regulation that takes into account where the check is drawn on as compared to where it is deposited, who issued it, the amount, and your relationship with your bank. Based on that information certain holds may be imposed. In this case, your bank wants to take all allowed precautions because the bank the check is from was taken over and the accounts were assumed by another.
There are many scammers out there who pass forged or otherwise altered checks. They often do not clear within the allowed times a bank has to follow.
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The government isn't checking on items such as this under normal circumstances. There is a banking regulation that takes into account where the check is drawn on as compared to where it is 