 |
Home >> Accounts >> Online Banking/BillPay
Trouble with Online Account
I opened an online account. The FAQs on the bank's home page state that initial deposits are held for ten days. I deposited additional money two days after the initial deposit, and now the bank won't give me access to my money. All deposits were done by ACH, so it isn't a matter of waiting for checks to clear. Is this legal?
|
|
 Without knowing the type of account you opened, its not possible to answer your question. Holds on savings account deposits are not regulated. Although ACH rules generally call for funds to be available on the day the bank receives irrevocable payment to cover the transfer, the ACH rules don't rise to the level of laws.
Also, those ACH rules apply to transfers initiated at the bank from which funds are transferred. If you initiated the transfers at your online bank same day credit rules won't apply. They send a charge to your other bank account.
Published on BankingQuestions.com 11/25/08
| |
|
|
|
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
