Great explanation.

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Feb 22, 2018
11:34:21am

YbeatsU Contributor

Great explanation.

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YbeatsU

Bio page: YbeatsU
Joined: Sep 13, 2001
Last login: May 13, 2024
Total posts: 4,419 (37 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

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

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