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View Full Version : Anybody in Banking? Question



dressagetraks
Nov. 26, 2009, 08:38 AM
Can't ask my bank. They are closed today. Just thought of the hold possibility today.

Mom has a very small oil royalty. I have just sold it (www.royaltyclearinghouse.com is fast and efficient, very pleasant to deal with). Check for $2350 on the way, mailed first thing Tuesday morning. I figure it will probably get to my P.O. Box tomorrow morning, given usual trek time from that nearby state to mine. Saturday morning if not tomorrow, but probably tomorrow. Would have expected it today if not for holiday.

I really need to get these funds to Mom's nursing home by end of the month. I have all paperwork on the deal. This is a valid and reputable company. The bank they use I just looked up online, and it is apparently a very large big business bank who only deals with account holders processing over X million per year.

What are the odds that my local bank will put a hold on that check? Can they call to verify checks? With the Check 21 laws, I know things can be processed much faster now. Don't know if their hold policy has changed for the Check 21 laws, though.

Need the funds available by Tuesday (assuming I wrote a check to nursing home which they got Monday). Deposit Friday, available Tuesday is what it has to beat. If bank insists on holding 5 days, 11 days, whatever days, I'm seriously considering driving to Texas to cash the thing myself, which would involve less time than waiting for the computers at the banks to talk to each other. Could drive Sunday night, nap briefly at rest area, be at Texas bank at opening Monday, return Monday.

Typically in banking, is a hold automatic on an out of state check from a valid business bank on a provable business deal? Is there a "trigger" amount?

Thanks.

Chall
Nov. 26, 2009, 09:02 AM
According to my sis, the financial genius, yes your local bank will hold on to it and the length of time varies from bank to bank.
She suggests calling the bank that cut the check, have them put a stop order on it and have them wire the funds directly to the nursing home. You need to contact the nursing home to get their account number for the wire transfer first.
Good luck.