The bank put a hold on my paycheck deposit and will not say why- happen to anybody else?!?

Question

i have never had a check put on hold- this sucks! i put it in the atm friday night and called saturday afternoon, they said part of it was deposited imediately but the rest wont be available till tuesday. i bit my tounge and was like whatever. i check today (tuesday) and now there is a hold on it and they say it wont be available until the 30th. i deposited it on the 18th! i had a negitive balance when i put it in there but the check exceedes that amount by almost $300. come on! its a freakin payroll check! its from one national bank to another! i bank at Bank of America and the check is from a UMB bank account.

are they gonna tell me on the 30th that it is not going to be available for another two weeks-or what

i am practically livid

Answer 1

Maybe there is a problem with your employer's account.   I once had a tenant that had a new employer.  The employer would issue him a payroll check, and based on that he would begin to pay his bills.  When the payroll check bounced, all his checks would bounce, Including my rent check.  This happened so often that I asked him to move.  He made good  on the check, quit his job and went back to his old employer.

Answer 2

You HAVE had a hold placed on EVERY check you ever deposited.  You just never noticed because it cleared before you checked.  As a bank employee, I can PROMISE the above is true regardless of what bank you use.

Your ATM deposit Friday EVENING most likely came AFTER the cutoff for same day processing.  That means you deposited the check MONDAY, July 21.

The bank doesn't know, or care, that it was a payroll check.  Payroll checks can bounce as well.

You asked why they would place a hold on your deposit.  You then answered the question.  Your account was overdrawn.  ANY bank will place a hold on your deposit until they actually COLLECT the funds to bring your account positive and pay all the overdraft fees.

Answer 3

You had a NEGATIVE balance in your account and you are wondering why there is a hold.  Bank wants to make sure you do not short them again.