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Banks holding out of state checks
What is the deal with banks and out of state checks? I deposited an out of state check from a business customer and the teller told me they may put a 5-9 day hold on the funds "due to the amount being more than $5000". I emailed US Bank customer service to complain, and received a response that said the teller was wrong, the hold is 7-11 days. To make it worse, part of the funds would be available in 7 days and the balance in 11 days. Does anyone see any logic in this? I thought new banking rules sped up this process to almost overnight. And what's with the partial funds available in 7 days and balance in 11 day logic? The check will either clear or not. I can't see half of it clearing in 7 days and the rest in 11. I suspect the bank receives the funds overnight and then holds them for 7-11 days so they can earn interest on customer money. Banks suck.
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Banks holding out of state checks
I have deposited dozens of checks from this same customer, and they haven't held those. Why now? Besides, if it did bounce they would just come back and yank the funds back out of my account. I have plenty there to cover it and have been banking there for seven years.
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Banks holding out of state checks
Maybe that's it. Maybe the banks are taking advantage of the situation a bit too. I'll visit a few other banks and talk to their new accounts to check policies elsewhere. My bank has about a 300% turnover rate and they're always screwing things up anyway. Unfortunately, there's only one bank in Banks 
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Banks holding out of state checks
Thanks, bvance, I'll look around for a local community bank. I never had these types of issues with the community bank we had in Vancouver WA so going back to what works makes sense.
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Banks holding out of state checks
Thanks, bvance, but that won't work. It takes me an hour to drive to Vancouver now. Do you know of any good banks in the Hillsboro, Oregon area? I was thinking of trying Bank of the West since they are only 25 minutes away.
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Banks holding out of state checks
Jazak, if by bank check you mean cashiers check, those can bounce too and can be held. eBay scammers send out forged cashiers checks and money orders all the time. Electronic transfers would be best but this customer doesn't do them. It's probably best that they don't since their accounting dept. is a complete mess.
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Banks holding out of state checks
Brian, thanks for the recommendation! I think West Coast will work - they have branches fairly close in two directions from me. I'll give them a try, and probably won't miss US Bank much at all.
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