Bancorpsouth

[zordac]

So I just went to the bank during lunch. I had a couple of checks to deposit. One check went into my personal account and one check went into my business account. The check going into my personal account was sizable. Bancorp told me that the funds would be put on hold for the funds to be verified. This was not a problem until I found out that

Comments

[alcamar]

This is apparently the maximum allowed hold time by FDIC.

http://www.fdic.gov/consumers/consumer/news/cnwin0506/reminder.html

Individual banks don't have to wait this long, but this is the maximum they are allowed to withhold those funds.

As to why it would take that long...again I say it shouldn't. Especially with the recent electronic access laws, allowing banks to electronically process checks without having to send them across state lines. My guess is that these 2 laws haven't caught up with each other, and some banks might still have legacy policies on large deposits. *shrugs*

[zordac]

So a revised question #3. What other banks do you recommend and what are their holding policies? Doing contract work - having to wait on the payment - then having to wait another two weeks before the funds are available "aint cutin it".

[frolicswllamas]

I can't recommend anything (sorry). That sounds insane to me (the 11 days). I do Mechanics Bank, but one reason they work so well for me is that my family is tied to it. I've heard other people have had problems with that bank, so...although *my* experience has always been top-rate, I'm not sure everyone gets that treatment. I also have never had to withdraw/deposit very large sums of money, so I'm not sure how they handle that.

[zordac]

Your uncle, the guys that lives across the street from me, he is a vp at mechanics right?

[jopasm]

Be careful when you close your account, they're vindictive - I closed mine months ago. I tried to open a new account today with a new bank and apparently good ol' BanKSucKSouth has filed something against me in CheckFree that's making it difficult to open a new account. I will be calling them and chewing them out shortly.

[navydave]

I've had my acount with them for nigh upon a decade now... never had any trouble. In fact, the only time I had anything that resembled trouble (a CC double tapped my account resulting in an overdraw years ago) they fixed it and voided the overdraft fees for me.
They've been nothing but good for me.

The 11 days completely baffles me. I've never had large checks going in; but the series of large transfers that I had went over without a hitch.

The only thing I can think is that maybe the policy is connected with the type of business you're in due to problems they had in the past? I... I don't know. Best I can come up with. :-P

Can't recommend any other bank though; haven't used another since '97.

[zordac]

I have had them as a bank for almost twenty years. I have been mostly happy with them. I had an account when I was single. My joint account with my x was there and my personal account since the divorce has been there. In all that time, this is the third time that I have run into issues with their policies. The last time my issue was with the order in which they process checks. They do not process in the order in which they are written. This is a small thing and may be the same for every bank but it cost me multiple overdraft fees in the same day.

There is not a Bancorpsouth in Water Valley and I have been told by several people now about various problems they have had. So, I am thinking it is time to try a change.

[frolicswllamas]

Just so you know, Mechanics doesn't process checks in the order in which they are written, either. They just sent us a notice about this recently. They process the "big ones" first...like water company, electric companies, rent, etc...and then they do the smaller ones. They gave reasons why, but since I don't have checks, I didn't really read.

So it's probably something that several banks do.

[kesterly]

They probably say that as the max time it might take just to cover their ass. No telling if it will actually take that long or not though

[zordac]

It might be a CYA kind of thing but 11 days is not a "this is how long it might take". Eleven days is the maximum length allowed by FDIC. They would not deposit my check unless I signed a sheet of paper stating that I understood that my funds definately would not be available for 11 business days.

Whether they get the money or not I am not getting my money until September!

[gsan]

I've had this happen to me more times than you might expect - the check I got when I pulled moneys out of mutual funds came from Texas, so I ran into the hold a lot. Now, I've only ever had a 5-day hold put on a deposit, but it might be because of the size *shrug*

Almost every time it's happened, I've managed to talk to one of the managers and have a cordial but in no way pleasant conversation that resulted in the hold being removed. The time it *didn't* work, I think I got a new manager who didn't feel like going outside of SOP.

[zordac]

Yeah, I talked to a manager. I was informed that it was policy - period. No budge. $100 will be available tomorrow just to prove that some of the funds are made available. This is also an FDIC rule.

You still with Bancorp or was this with someone else?