Help! The bank won't release my insurance check to me.?

Question

My car had some hail damage and I received and insurance check made to me and the bank. The bank recomended I deposit the money in my savings with a block on it.(Pending getting the vehicle fixed)Well I have paid the car off before getting the car repaired and the bank still won't release the funds even though I am full owner Title in hand. How can they do that if they no longer have interest in the car? What can I do? The damage on the car is not noticable and I have a friend that was going to do the repairs but how can I get it done without the money? Any help would be great. Please be nice!

Answer 1

I would write a letter to your bank or go in person if you can.  Show them the signed released title and that should clear up any issue regarding a hold on the insurance check.  Talk with a supervisor.

Answer 2

The check was made out to both you and the bank because at the time of the loss, you still had the bank as legal owner and they had an interest in having the vehicle fixed correctly.

Contact your agent, explain that the vehicle is NOW paid off and you are the only owner with interest, and request the check be recalled and another issued to you in your name only.

Go deposit the check in your new bank account.  I imagine you WILL be switching banks.