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Banks holding out of state checks
First of all, a disclaimer. I'm a banker. There is lots of fraud out there and banks do need to be careful. Lots of acid washed checks, (original payee removed and fraudulent payee added) stolen checks, forged signatures etc. The only way banks can protect themselves and innocent customers is to place holds for the possibility of returns.
However, sounds like you have a long-term good relationship with your bank and they most certainly should take that into consideration and for that reason they should not place holds on your deposited items. The problem is the bank. The bank you mentioned (orignally based in Portland) is one of the major national banks and unfortunately you are only a number to them. I know because I worked for a bank that was acquired by them and left to go to a community bank. You should too. A community bank has much more interest in your business and will likely not treat you like a number. You have a number of well run community banks in your area. Give one a try.
Good Luck!
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Banks holding out of state checks
You are right, it does only take a day or two for a check to clear. But if it does not clear and is returned for some reason, the special handling of the return can cause the return to take several days. Throw in a weekend and you've got your 7-10 days total elapsed time. It does not come back as quickly and effeciently as it was processed.
The important thing in any check transaction from the bank's point of view is "know your endorser". When you deposit a check to your account, you are the endorser and are liable for that item. If the bank knows you and trusts you and you are creditworthy, they should not be placing a hold on the deposit. Most national banks don't bother to get to know you or employ untrained staff that do not have the ability to know a good customer from a bad one, so they simply treat all customers the same way....as bad customers. Everyone loses then.
Again, find a bank that cares, get to know the manager and supervisors, explain to them your type of business, your needs and I'll bet they will take care of your needs without the hassle.
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Banks holding out of state checks
Ken,
Bank of Clark County in Vancouver is an excellent community bank. Mike Worthy is the CEO and a good banker and a good guy. Know him personally. You may want to give them a try. If I can be of further help, e-mail me off line and I would be happy to answer any other questions or discuss further.
Good Luck!
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Banks holding out of state checks
Ken, Do you have a West Coast bank branch near you? They are a Portland based community bank and do a nice job. I would recommend them over Bank of the West.
Brian
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Banks holding out of state checks
Ken, Just a suggestion, but stop by one of their branches and talk with the new accounts person. Ask them what their policies are. Explain to them what you do and how you would like to do business. Ask about their hold policies. While you are at it, ask to meet the manager and explain once again what you do.
Banking is a relationship business. They need to know you and you them. All too often folks open an account, start doing business without making sure the bank will do what they want done. Interview the bank and if you don't like what you see, go elsewhere. If you do open account relationships, make sure you have a contact person that is preferably an officer that has the ability and experience to make decisions. When a need arises, you can ask the teller to contact that person for approval if needed. Keep your contact person informed if you're doing something unusual. As time goes by, hopefully one can develop mutual trust in each other and a long-term solid relationship will result.
You might say that is the bank's job to take care of you and it is, but one also needs to help create that relationship that will help immeasurably down the road.
Good luck!
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