Hey Freak!

OK, so what bank do you use? I hope you don't have Bank of America. Because Bank of America sucks. I hate them with the fiery burning passion of a thousand suns. Well, maybe not a thousand, but definitely at least a hundred.

One of the reasons...

OK, is it just me, or shouldn't cash always be... well, available? Like, once, I made a cash deposit... during the day. At a teller (a person, not an ATM). Later, that night, I went to buy something, and got declined. Insufficient funds. Nevermind that I deposited cash earlier in the day. Apparently, it's BofA's policy that even cash deposits have a 24 hour hold on them.

A. Hold. On. Cash.

24 Hours.

What's up with that? When I was growing up, cash was cash. You put cash in, it's available right then and there. Who's stupid idea over at BofA was it to put holds on cash deposits now? Or, am I behind the times, and every bank does that? I've never heard of such a thing. As far as I know, cash is cash! It's cash! Wha, am I taking crazy pills here or something?

Update: Apparently most banks follow this policy, which means that yes, I have been taking crazy pills. But... just because I'm crazy doesn't mean that it's still not a fucked up rule. I'm sorry, but cash should be cash, and it should be available immediately. I mean, come on... it's cash!

i used to work at bofa so i can tell you what the deal is. until it's processed, only 100 is available. if you are depositing cash and need it to be immediately available, you have to have a manager do it.

but the same does not hold for electronic deposits aka ACH or what most people think of as direct deposit. that stuff is in there available as soon as it is posted (usually around 3am that business day). this is because those funds have already been sent through the clearinghouse and there is no need for anything to be processed.


p.s. most banks follow the same policy as bofa, they can do this under reg CC laws.


p.p.s. how's that for being geeky?

yeah, I believe you have to say "deposit this as cash" so it's available right away. I remember my mom used to make me say that when I had to go to the bank for her. It's stupid because it IS CASH! It should be always deposited AS CASH.

I did switch to BOA because I thought the 24 hour wait was better than the 2 day wait at my old bank.

I switched to BofA too. I couldn't stand having to wait 36 hours for money availability--learned my lesson over a holiday weekend. My old bank used to charge $25.00 to give me a copy of a check or money order. (I know...checks...) A friggin copy! At BofA it is all online and billpay is free.

I use BofA and haven't had anything disastrous happen. I mostly just use them because they offer direct downloads and free bill pay through Quicken. OMG, words cannot explain how much I love using Quicken.

But anyway, my mom had a way annoying experience with WaMu, where she transferred a large sum of money between 2 accounts--both held at that bank. And they did that same kind of crap. Umm, yea, don't you already know that the funds are available, since they were already in one of the accounts, and within the same bank? I think it took like a week or something ridiculous.

Kinda makes you just wanna hoarde all the money in your mattress, huh?

There seem to be many senseless rules with banks. One bank I dealt with even put a 7 day hold on a government check.

yea that is really fucked up. cash is cash. But I think at my bank I have access to the money immediately even when I deposit a check!

it is a dumb rule! but compared to most other banks, BofA clears things much faster, so i stick with them.

I'm with Fifth Third (which I don't think you guys have out there) and as long as you tell them to deposit it as cash, it's available immediately. I was with BofA when I lived out there in Salinas and I had to practically sign over rights to my first-born just to get an account there when I moved. Not a good customer service experience.

Yeah that's a lame rule. It ranks right up there with atm fees to withdraw your money....

my wife and i use citibank, and their policy can be even more weird. for instance, if you put in a check, a certain amount of that check will be available for use right away - usually $200. however, even though that amount is made available to you, if you take it out you could go into overdraft. this just happened to us the other day.

my thought is, if they say it is available, it should be available. if it's not available, then they shouldn't say it is. right? apparently not. it's a neat little trick for them, and they get to make interest off the overdraft on our money that they said was available. crafty.

We've only got a BofA account so I can cash my paycheck instead of waiting for it to clear. I have a separate account at a local bank...I deposit my cash there and it's available as soon as the teller finishes the transaction!

I hate BofA because of all the fees they charge...luckily, hubby's got direct deposit, so our account is free.

That does not compute. Last I checked, cash was the most liquid of monies.

Cash is Cash. Cash given to the bank is no longer Cash. It is bank money. If you keep your cash you can spend your cash. Why give cash to the bank?

I use Commerce and they do not put a hold on cash. That is asinine.

It's amazing what banks make us do and the fees they charge for the right to use our own money.

Once I deposited a really big check at BofA (because for once, I actually had a really big check) and they told me that they had to put a 14 day hold on the check because they didn't believe that I had that much money.

WHAT?!?!!? Is judgement your job? I think not. Your job is to accept deposit and give me an effin' receipt. Maybe a tainted butterscotch from the candy dish. But that is IT.

Who are you to tell me that I couldn't possibly have that much money? Feh!

i wish BOF put the check that deposited on hold like how it suppose to. because of stupid BOF i got fraud with $ 4000, can u believe it?!! they said, because i have a good record with them,, how stupid?

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