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drew
Radiant
Premium Member
join:2002-07-10
Port Orchard, WA

drew to 10825447

Premium Member

to 10825447

Re: [Rant] Wells Fargo Bank.. Seriously? WTF?

said by 10825447:

said by dvd536:

said by 10825447:

"Now, Cashiers Checks are guaranteed funds

You obviously haven't sold anything on craigslist in the last 10 years.
if someone pays me with cashiers check, it gets the same 28 day hold that personal checks do.
cashiers check fraud is rampant nowadays. the bank is only protecting themselves.

You quoted what the teller told me. They told me if it was a cashiers check that there would be no hold. If they had told me they were going to place a hold on the CC, I would have simply deposited cash. After all I had to pay cash to get the CC.

I have deposited cashiers checks in my chase account and the funds are there immediately.

Explain to me what part of depositing a check and the funds not being available until the following business day is a "hold."

As for Chase: your wife works there.
10825447 (banned)
join:2001-02-26
Tempe, AZ

10825447 (banned)

Member

said by drew:

Explain to me what part of depositing a check and the funds not being available until the following business day is a "hold."

Seriously? They are holding funds till the next day. If they were not holding them you would be able to access them immediately. Regardless of what terminology is being used to explain what they are doing, they are simply placing a hold on it. A small one, but still a hold.
said by CTMustang:

Why not hand him cash ?? I don't get it.

because he is 3 hours away.

drew
Radiant
Premium Member
join:2002-07-10
Port Orchard, WA

drew

Premium Member

For someone's wife who works at a bank, you sure don't understand how banking works.
10825447 (banned)
join:2001-02-26
Tempe, AZ

10825447 (banned)

Member

said by drew:

For someone's wife who works at a bank, you sure don't understand how banking works.

I am not sure why you feel the need to keep bringing up my wife, but you are right. I do not know the ins and outs of banking. That is why I asked prior to doing anything.

One would assume that when the bank tells then that no holds will be placed on a cashiers check that the funds would be available.

drew
Radiant
Premium Member
join:2002-07-10
Port Orchard, WA

drew

Premium Member

But you're missing a crucial part of the equation: the funds not being available until AFTER processing is *not* a hold of any kind.
drslash (banned)
Goya Asma
join:2002-02-18
Marion, IA

1 recommendation

drslash (banned)

Member

You are splitting hairs. Bank terminology or practices may not call it a hold but if the funds are credited to an account and the funds are not available to be withdrawn from that account at anytime going forward, the funds are inaccessible and for all practical purposes on hold.
10825447 (banned)
join:2001-02-26
Tempe, AZ

10825447 (banned)

Member

said by drslash:

You are splitting hairs. Bank terminology or practices may not call it a hold but if the funds are credited to an account and the funds are not available to be withdrawn from that account at anytime going forward, the funds are inaccessible and for all practical purposes on hold.

That is exactly what I have been trying to say. Thank you.

thedragonmas
Premium Member
join:2007-12-28
Albany, GA
Netgear R6300 v2
ARRIS SB6180

thedragonmas to drew

Premium Member

to drew
said by drew:

But you're missing a crucial part of the equation: the funds not being available until AFTER processing is *not* a hold of any kind.

EXACTLY!

my old bank the tellers put deposits in a file drawer beside them, at the end of shift they are processed. they actually caught an error on my part (deposited more than i made the slip out) and called me up to let me know.

they dont process items "on the spot"

and most banks have wording stating that dep's are made available the next business day if deposited by X time. even if the op deposited cash it still would not have been available until the next business day.
10825447 (banned)
join:2001-02-26
Tempe, AZ

10825447 (banned)

Member

said by thedragonmas:

even if the op deposited cash it still would not have been available until the next business day.

WTF are you talking about? Did you even read my post? I made the deposit at 1100am. You walk into any bank and deposit CASH ( as you stated ) at a teller line and it is available the second the transaction is complete.

drew
Radiant
Premium Member
join:2002-07-10
Port Orchard, WA

drew to drslash

Premium Member

to drslash
He's getting pissed that a check isn't available same day. The bank did not lie or attempt to deceive him. Nor is there a hold placed on the funds.

AVD
Respice, Adspice, Prospice
Premium Member
join:2003-02-06
Onion, NJ

AVD to thedragonmas

Premium Member

to thedragonmas
said by thedragonmas:

said by drew:

But you're missing a crucial part of the equation: the funds not being available until AFTER processing is *not* a hold of any kind.

EXACTLY!

my old bank the tellers put deposits in a file drawer beside them, at the end of shift they are processed. they actually caught an error on my part (deposited more than i made the slip out) and called me up to let me know.

they dont process items "on the spot"

and most banks have wording stating that dep's are made available the next business day if deposited by X time. even if the op deposited cash it still would not have been available until the next business day.

my bank does.

craig70130
Premium Member
join:2004-04-27
New Orleans, LA

craig70130

Premium Member

Same here. The funds for cash or checks drawn on a Chase account are available immediately, checks drawn on other banks are available at midnight.

AVD
Respice, Adspice, Prospice
Premium Member
join:2003-02-06
Onion, NJ

AVD

Premium Member

said by craig70130:

Same here. The funds for cash or checks drawn on a Chase account are available immediately, checks drawn on other banks are available at midnight.

Actually, I was thinking about Chase who has my mortage. If I make a check payment at lunchtime at the branch 3 blocks away, its already credited as paid on the chase website and the transaction is already listed as pending on my BoA checking account. The teller scans the check in front of me, before putting it in the the little pile by the window.