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Feb 22, 2018
10:58
:15
am
Cougarclaw
All-American
well freeze her money is one thing. Charging her daily fees because they froze
her money sounds infuriating and illegal.
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Cougarclaw
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BigWoodThunder
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Cougarclaw
Joined
Jun 22, 2011
Last login
May 29, 2024
Total posts
59,957 (15,053 FO)
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Messages
Author
Time
Banking question. I just had a client tell me she overdrew her account by $50.
gwalker
2/22/18 10:57am
well freeze her money is one thing. Charging her daily fees because they froze
Cougarclaw
2/22/18 10:58am
They released the funds and agreed to remove the charges. But I'm still trying
gwalker
2/22/18 10:59am
Which bank? How much was the check?
DrKennethNoisewater
2/22/18 10:59am
Banks are required to release $200 the next day but can place holds on the remainder
DrKennethNoisewater
2/22/18 11:00am
For ten days? When she spoke with them they told her it was a ten day hold. Then
gwalker
2/22/18 11:01am
Zions (who is notorious for having weird policies in my experience). And the
gwalker
2/22/18 11:00am
I would have guessed Zions. They really suck with their fee policies. I don't know why people do business with them.
jdub
2/22/18 11:03am
I told her to make sure all checks she has written clear the account and then
gwalker
2/22/18 11:05am
Banks are terrible, credit unions have been much more flexible in things like
mosterlow
2/22/18 11:08am
You realize that what you just described hits every red flag for check kiting?
YbeatsU
2/22/18 11:19am
No. She deposited a check written to her by someone else. It's a regular client
gwalker
2/22/18 11:23am
She had planned to do an online transfer from one account at the bank to the
gwalker
2/22/18 11:26am
Sounds like every month she was depositing the clients check to a different
Cachanilla83
2/22/18 11:36am
I didn't look at the statements. As I've described elsewhere, I have advised
gwalker
2/22/18 11:42am
Banks don't have resources to look back and see that type of information. She
YbeatsU
2/22/18 11:33am
The thing is she has other accounts with more money and activity that probably
gwalker
2/22/18 11:35am
I understand your empathy for your client, I just laugh that people get upset at
YbeatsU
2/22/18 11:52am
Banks have full authority to place holds under Reg CC
Cachanilla83
2/22/18 11:29am
Partially correct.
gwalker
2/22/18 11:34am
Great explanation.
YbeatsU
2/22/18 11:34am
Honestly I would tell the bank they can reverse the charges
jkccoug
2/22/18 11:50am
They did reverse the charges. I was mostly curious as to how it got to that in
gwalker
2/22/18 11:52am
Good.
jkccoug
2/22/18 11:59am
Reg CC allows you to hold a check for up to 10 days if you are an overdrafter to prevent kiting.
thaws
2/22/18 11:52am
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