well freeze her money is one thing. Charging her daily fees because they froze

Sign up, and you'll be able to customize your font size and more! Sign up

Report problem with this ad

Feb 22, 2018
10:58:15am

Cougarclaw All-American

well freeze her money is one thing. Charging her daily fees because they froze

her money sounds infuriating and illegal.

Report problem with this ad

Cougarclaw

Previous username: BigWoodThunder
Bio page: Cougarclaw
Joined: Jun 22, 2011
Last login: Apr 28, 2024
Total posts: 59,506 (14,891 FO)

Report problem with this ad

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

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

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

Report problem with this ad

Posting on CougarBoard

In order to post, you will need to either sign up or log in.

Report problem with this ad