I wanted to deposit a tax refund check into my savings account and the bank said that I couldn't use that money for a couple of weeks. I never had this problem with my checking account. How can they make me wait that long to use my money?
The availability of checks you deposit into a checking account are controlled by banking Regulation DD and the Expedited Funds Availabilty Act. These rules require a bank to categorize items deposited based on the type of item and where the bank the money is to come from is located. These rules however, do not apply to deposits into a savings account. If the bank perceives a risk in the deposit or believes it will not receive the money itself in a timely manner, they can delay your access to these funds. It is possible this check has an endorsement issue with who it is payable to and signed it. You can ask your bank for future clarification and possibly avoid these delays by either satisfying the bank's requirements or depositing the check into a checking account.
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The availability of checks you deposit into a checking account are controlled by banking Regulation DD and the Expedited Funds Availabilty Act. These rules require a bank to categorize items deposited based on the type of item and where the bank the money is to come from is located. These rules however, do not apply to deposits into a savings account. If the bank perceives a risk in the deposit or believes it will not receive the money itself in a timely manner, they can delay your access to these funds. It is possible this check has an 