escrow.com question

[financialtraffic]

I recently closed on a $xx,xxx deal via escrow.
I was sent the checks and deposited them into my bank.
Normally, I was able to access the funds the next business day (i.e. write a cashiers check against them), but this time I was told there would be an 11 business day hold put on the funds.

To say the least I was very dissapointed as I believe that escrow.com checks are standard bank checks and not personal checks. I've heard of holds on personal checks to clear, but not on this type of check.

Anyway, I was wondering if anyone else has had this problem or if my bank is just trying to use and abuse me by holding these funds and obviously collecting interest on them for 11 business days.

 

[mark]

i have had a bank place a ten day hold on a $100,000+ insurance company check I deposited for a former employer who became very upset when he found out what the bank had done, especially given the long history he had with the bank. he contacted the bank officer vs. the teller who had made that independent decision, and the hold was released within 24 hours.

 

[financialtraffic]

Thanks for your response. I plan to go through similar steps this week.

i have had a bank place a ten day hold on a $100,000+ insurance company check I deposited for a former employer who became very upset when he found out what the bank had done, especially given the long history he had with the bank. he contacted the bank officer vs. the teller who had made that independent decision, and the hold was released within 24 hours.

 

[BiggieBiggie is verified member.]

it's part of their (the banks) SOP to hold checks for "given period" of time.

the interest they make on ten days, X's the # of accounts, where this practice is executed = $$$$

 

[Nova]

11 business days seems pretty ridiculous. I would speak to them and even consider switching banks.

 

[jdk]

11 business days seems pretty ridiculous. I would speak to them and even consider switching banks.

Especially for this type of check. It all depends on the bank. Mine usually takes 24 hours otherwise it is availabel immediately. I think it also depends on the amount of the check vs. what you have in the account.

 

[dmyre]

My bank does the same thing, so I went to Bank of America where the check is written, and have them order the money. Occasionally they will have the funds in the vault, but will usually have to order it. If you have them order it before 11am, you will be able to cash the check the next afternoon.

- or -

You could go to BoA and have them exchange the check for a cashiers check. I think it will cost you $5. It's just like cash, and will not be held for 11 days. I prefer to actually hold that much money for a few minutes. Plus, by walking into my bank and depositing $$,$$$ a few times, they all know me by name now.