Bank holding my deposit for 9 days

[bmega]

What is the name of your state (only U.S. law)? New York

Bank holding all funds for nine business days, I deposited a check 8,000 dollars, and the teller told me some of the funds would be available right away then half in three days then the rest in five days.
When I got home, I got a call from the bank stating they had to put a hold on all funds for nine business days the reason was I never deposited a large check in the account before.
I have had a checking and savings account there for almost a year.

Can they legally do this?

 

[FlyingRon]

Possibly, Sounds like you're hitting the "Large Deposit" part of the EFA Act.

Here is a summary of the act times: https://en.wikipedia.org/wiki/Expedited_Funds_Availability_Act

 

[Zigner]

Possibly, Sounds like you're hitting the "Large Deposit" part of the EFA Act.

Here is a summary of the act times: https://en.wikipedia.org/wiki/Expedited_Funds_Availability_Act]

Nope - not for the whole $8,000. OP should have $5k available by the 2nd business day after the deposit.


ETA: It's possible the bank is applying one of the exceptions to the deposit, which would put the OP at 7 business days + the weekend in between.

 

[FlyingRon]

Nope - not for the whole $8,000. OP should have $5k available by the 2nd business day after the deposit.

Which depending on how the poster counted it (and where the weekends and holidays fit into it) would be the three days he mentioned. It's possible he didn't litterally mean "half" (or that the check is for exactly $8000).

ETA: It's possible the bank is applying one of the exceptions to the deposit, which would put the OP at 7 business days + the weekend in between.

Yep, that's why I posted the link to the EFA wiki page rather than asking him twenty questions about how long the account has been open, yada, yada...

 

[bmega]

It has been 9 full business days I deposited check on 1/11/17 will be available 1/24/17
I have had this checking account since 2/16

 

[Zigner]

It has been 9 full business days I deposited check on 1/11/17 will be available 1/24/17
I have had this checking account since 2/16

Since you'll have your money tomorrow, it's really a bit late now...

 

[adjusterjack]

It has been 9 full business days I deposited check on 1/11/17 will be available 1/24/17
I have had this checking account since 2/16

How much money was in the account before you deposited the $8000?

 

[FlyingRon]

So what did the bank say when you asked for the reason?