Fed Up with Long Check Hold Times
By Consumers Union on Monday, May 7th, 2007
Are you tired of waiting for the checks you deposit to clear? In late April 2007, the Federal Reserve Board quietly released a study saying that there are no problems with check hold times. But, we’ve heard from many fed-up consumers that banks are still making you wait too long before you can use money from checks you deposit. Tell Congress the Federal Reserve Board has it wrong! And, tell us your story about check holds.
Check holds mean that even though the money for the checks that you write is leaving your account faster due to electronic processing, you can still face the same long wait to use the money from checks that you deposit. When deposits take longer than the checks you write, this can cause bounced checks, tons of fees, and embarrassment. Tell Congress to reduce check hold times!
If you want to read the Federal Reserve Board study, you can find it here
To share your views on this issue with the Federal Reserve Board,
To complain directly to the relevant federal regulator about the check hold practices of your financial institution, Consumers Union has prepared a link listing the different regulators and how to complain to them.