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TIL the 3 day hold on a check is a bank policy, not a law, and my credit union in Dayton proved it
I always figured those waits were federal rules, but a teller at my credit union in Dayton told me they set most holds themselves and can release funds early for members they know. I deposited a $1,200 check from my side gig on a Monday and had the cash by Tuesday just by asking, which nobody at my old bank ever mentioned in 6 years. Has anyone else gotten a hold lifted just by asking, or did I get lucky with a nice teller?
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oliver_wilson497d ago
Keeps the rules part right though, since the feds do set maximum hold times under something called Reg CC, they just don't force banks to hold that long. Your credit union can release early because that cap is a ceiling, not a floor.
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norah137d ago
Exactly, and that ceiling thing matters more than people realize. Reg CC sets the max, sure, but banks can also hold longer in certain cases like new accounts or repeated overdrafts, those are exceptions written into the same rule. So your credit union releasing funds next day is them choosing to be decent, not them following some law that forces them to. I've seen banks sit on a check for seven business days when the rule only required two, just because they could. The feds gave us a floor to stand on with the cap, but nobody's making the bank pull you up any faster.
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