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Old 07-21-2016, 05:48 PM   #21
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At Wells Fargo for large checks for me part is same day and the rest the next day (10k range for checks). I suspect it depends on your balance with the bank however. The larger your average balance the shorter the hold.
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Old 07-21-2016, 06:00 PM   #22
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At Wells Fargo for large checks for me part is same day and the rest the next day (10k range for checks). I suspect it depends on your balance with the bank however. The larger your average balance the shorter the hold.


Yes.

I deposited a $5k personal check last Monday at our local Wells Fargo branch. Receipt says $400 available immediately, the balance the following day. Although, when I checked the account Monday evening, the whole $5k was showing, with no indication that it wasn't available.

Ironically, an ACH transfer takes up to 3 days. Crazy.
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Old 07-21-2016, 06:18 PM   #23
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At Wells Fargo for large checks for me part is same day and the rest the next day (10k range for checks). I suspect it depends on your balance with the bank however. The larger your average balance the shorter the hold.

I can't remember the exact details but at BofA the amount immediately available means it can be withdrawn(cash), but it is all available immediately for electronic debit. I presume that means they can reverse these transactions if there is a problem with the credit.


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Old 07-22-2016, 05:48 AM   #24
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about 20 years ago, I deposited a $40,000 check in a national bank, drawn on a local bank WITH ITS MAIN OFFICE NEXT DOOR!!! I was told that I could access $100 today, and the remainder when it cleared, but no sooner than 10 days. I explained that I had to write tax checks on that $$, they said I should have had more $$ in my account to pay the taxes so I wouldn't have to wait for these funds! I asked to speak to the manager, and he said it takes 10 days (this time he added that's business days) for the check to get to the main branch of the issuing bank. I asked him to look out his window and tell me it takes 2 weeks to get next door. They just wanted $40,000 free money for 2 weeks at the then 3% rate.

I ended up asking for the check back so I could cash it at the issuing bank where I would be transferring all my accounts. Unfortunately, the teller had already processed the check so it would be some time (hours?) before they could undo the paperwork to give me the check. I suggested that the local paper might be interested in the story of how it takes the big bank a week to walk a check across the street and the local banks will actually do that for a customer. The manager said he would make an exception and allow me access to 50% of the funds in 24 hours. It took a few years, but DW and I moved from that bank to a small local one (which has subsequently been absorbed into another MegaBank, so I will make a move again when my mortgage is paid off in 3 years (2.875% interest, so no wish to pay off too early!)).
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Old 07-22-2016, 06:41 AM   #25
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This has nothing to do with float, but I ran into a new rule the other day at BOA, my home bank. Now you have to provide photo ID to make a cash deposit. I did not even want to know why. This was a few hundred dollars, not $10k or other large amount. Probably money laundering regulation.
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Old 07-22-2016, 06:55 AM   #26
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Probably money laundering regulation.
Or written up as an audit "best practice".
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Old 07-22-2016, 07:41 AM   #27
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I recently used the mobile app Venmo to transfer funds to a friend of mine. They charge a 3% fee for use of a credit card but no charge if a debit card is used. The transfer and use of funds is immediate once accepted by both parties (of course both parties have to be signed up for the app). The transfer limit - I believe - is $3k. The app aggressively and irritatingly attempts to integrate with your Facebook account, but you can set your own privacy settings. As I recall it, Venmo was acquired by PayPal a couple years ago.
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Old 07-23-2016, 06:39 AM   #28
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I transfer money regularly between Ally and my regular checking acct at BOA. I discovered sometime back that if I direct BOA to send money to Ally there is a fee involved and it takes 3 day for the transaction. So, instead of doing it that way, I direct Ally to REQUEST the money from BOA. Takes two days and there is no fee involved.
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Old 07-23-2016, 07:02 AM   #29
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This has nothing to do with float, but I ran into a new rule the other day at BOA, my home bank. Now you have to provide photo ID to make a cash deposit. I did not even want to know why. This was a few hundred dollars, not $10k or other large amount. Probably money laundering regulation.
Interesting. I haven't made a cash deposit there in some years.

I think a lot of money laundering goes on in my border town, so I can see them enforcing that here.

I've stood in line at the bank a few times, and always a lot of folks with cash - although if it's a Friday you see a lot of payroll related activity.
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Old 07-23-2016, 07:28 AM   #30
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Originally Posted by JOHNNIE36 View Post
I transfer money regularly between Ally and my regular checking acct at BOA. I discovered sometime back that if I direct BOA to send money to Ally there is a fee involved and it takes 3 day for the transaction. So, instead of doing it that way, I direct Ally to REQUEST the money from BOA. Takes two days and there is no fee involved.
I always initiate the transaction at the online bank or brokerage to avoid fees. In my experience, when you do the deposit, once the online bank or brokerage says the funds have been received there isn't any hold.

But my BofA account never says there is a hold either even though I always initiate the ACH transfer from the online bank or brokerage. And BofA notifies me of the deposit the day after the other party initiates the ACH transfer - nice and fast. And as far as I remember the funds are immediately available.
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Old 07-23-2016, 07:48 AM   #31
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Originally Posted by JOHNNIE36 View Post
This has nothing to do with float, but I ran into a new rule the other day at BOA, my home bank. Now you have to provide photo ID to make a cash deposit. I did not even want to know why. This was a few hundred dollars, not $10k or other large amount. Probably money laundering regulation.
I doubt if it's an effective money laundering regulation. Most likely just more security theater (eg. anything to do with the TSA). I was asked for ID once when making a cash deposit. I asked for the form that would allow me to give permission to anyone wanting to make a deposit into my account. They weren't able to come up with one. Nor were they able to come up with any bank regulation or account agreement requiring said ID.

They do have a sign on the front door requiring all patrons to remove hats and sunglasses before entering. I am often wearing both, and don't remove them just for the hell of it. No one has ever said anything. Banks have become incredibly annoying, and I try to stay with local ones or CUs whenever possible.
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Old 07-23-2016, 10:46 AM   #32
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My dad deposited a six figure Fidelity check the other day at his local bank branch and they made all of it available immediately. I was very surprised.
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Old 07-23-2016, 03:34 PM   #33
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I doubt if it's an effective money laundering regulation. Most likely just more security theater (eg. anything to do with the TSA). I was asked for ID once when making a cash deposit. I asked for the form that would allow me to give permission to anyone wanting to make a deposit into my account. They weren't able to come up with one. Nor were they able to come up with any bank regulation or account agreement requiring said ID.

They do have a sign on the front door requiring all patrons to remove hats and sunglasses before entering. I am often wearing both, and don't remove them just for the hell of it. No one has ever said anything. Banks have become incredibly annoying, and I try to stay with local ones or CUs whenever possible.
It has to do with the Dodd-Frank law I believe, demanding that banks know their customers. Every time I make a cash deposit from my rentals, the tellers always want to update my files. I tell 'em that there hasn't been any changes, except for dumb laws.
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Old 07-23-2016, 05:47 PM   #34
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Much older than that. Know Your Customer derives from the 2001 Patriot Act
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United States: Pursuant to the USA Patriot Act of 2001, the Secretary of the Treasury was required to finalize regulations before October 26, 2002 making KYC mandatory for all US banks. The related processes are required to conform to a customer identification program (CIP)
from wiki
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Old 07-23-2016, 05:50 PM   #35
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Acct to Acct at NFCU is instantly, there is a limit ($5K or $10K), but a phone call will increase that. Same for USAA.
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Old 07-24-2016, 09:52 PM   #36
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I transfer money regularly between Ally and my regular checking acct at BOA. I discovered sometime back that if I direct BOA to send money to Ally there is a fee involved and it takes 3 day for the transaction. So, instead of doing it that way, I direct Ally to REQUEST the money from BOA. Takes two days and there is no fee involved.
I have similar setup between BOA and GSBank and I found that I could avoid transfer fees by setting up GSBank (as well as my credit union accounts) on the BOA Billpay program. BOA Billpay features a deliver by date that is very reliable.



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