I used a teller at a BofA location on July 1 to deposit a cheque into my business checking account. The next day, I received an email informing me that the monies would be retained until July 13th. I understand that checks will not process and clear on holidays or non-business days, but this seems excessive and could have a negative impact on my account. In a few of our calls, BofA customer support simply mentioned incoherently that there were some red flags on the check. The company who wrote me the check says this is the first time theyβve heard of such a thing, and have been writing checks from that account for decades. Does anyone have any experience with this? Is it common? Can anyone shed any light on the mechanics of why this happens?
1 Like
The bank has concluded that there is a certain amount of risk associated with the transaction and/or the check. It might have anything to do with the check itself, its amount, the amount in your account, the history of your account, or any number of other factors. It is hard to make assumptions in the absence of much more information.
Although it sounds lengthy, the hold is only in place for seven business days. That is a rather typical duration.
Check fraud is currently very common. It would not be possible for you to reverse the transaction and make another deposit. That is the purpose of deposit holds.