Can a bank not release funds from an official checkdeposit for five days because of an overdraft problem in the past?
Yes, provided that the bank informs the depositor of the hold and indicates it is being imposed because of repeated overdrafts. The overdraft history must be no more than six months old and involve some fairly substantial amounts, and the hold could have been longer, delaying access to the deposited funds until the seventh business day after the banking day of deposit. That's a week and two days (weekends aren't counted).
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Yes, provided that the bank informs the depositor of the hold and indicates it is being imposed because of repeated overdrafts. The overdraft history must be no more than six months old and involve some fairly substantial amounts, and the hold could have been longer, delaying access to the deposited funds until the seventh business day after the banking day of deposit. That's a week and two days (weekends aren't counted).
