|
I have a commercial account with a smaller regional bank, not B of A, and whenever I deposit a larger than normal check they hold back funds for 7 business days.
I've got an extremely good relationship with them, and I've asked about it. It is a formal policy, and I'm not the only one. My local rep has some leeway, releasing some funds while waiting for something to clear, but she cannot sidestep the policy. So if I'm looking for materials to start a project I just have to build that time into the delivery schedule.
(Yeah, yeah, I know there are places that finance receivables. I'm sticking with the bank I've had an account at for decades and he know my first name and recognize my cell phone number on the caller ID.)
Regardless, the point is that if they made a large deposit and it was a paper check, then there's still enough fraud going on out there that no bank is going to let it ride. Naturally, where the decision is made depends on your cash flow. A hundred million a year in receipts gets you a lot more lease than a hundred thousand.
Of course, B of A has a know reputation for being stupid, so this might just be more fuel for that fire. That wouldn't be shocking.
|