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Home >> Checks/Money Orders >> Money Orders
Money Orders On Hold Nearly a Month
I deposited $25,000 of money orders into my SunTrust on 11/21. I spoke to the issuer, and the funds cleared on 11/24. We’re now well into December, and SunTrust will not give me access to the funds, and they’re less than candid with any answers. SunTrust currently has a hold on the funds that is over a year out (December 2009). They wont give me any answers except that "loss prevention" department has control of the issue, and I also received a letter stating they’re closing my account with them.
The money orders were addressed to a business, then scribbled out, and addressed to another, neither of which was willing to accept the money orders, so I deposited them back into my own account, which has led me to where I am today. This is infuriating. Can they do this?
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 It's apparent that the bank suspects that you've deposited money orders that have been stolen from the rightful payees, or at least that's how someone at the bank views the problem. Lining out the payee information was not wise, and it's causing your current problem, because those money orders were made to look suspect. If you purchased the money orders, the bank's "Loss Prevention Department" should be willing to work with you to verify exactly what you have done.
Collect your documentation you have from when you bought the money orders, contact the Loss Prevention department of the bank, and ask for an appointment to review the documents. Do not surrender the originals of your documents to them. That should help the bank realize that they aren't dealing with a fraud artist.
In the future, if you purchase a money order and it can't be used as you have made it out, don't alter it. Bring it back to the issuer and ask for a replacement. You'll save yourself a repeat of the current hassle.
Published on BankingQuestions.com 12/16/08
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