Strange bank behavior

[c1ue]

My admin recently was written a check for reimbursement for something small from her mother: $500 bucks or so.

She went to her bank (Bank of America) and tried to cash the check (Wells Fargo).

Even though she had an account at BofA, the teller refused to cash the check directly.

Because "some accounts are being bought" or some such, she was forced to deposit the check and then withdraw the funds.

Is this Homeland Security or something stranger?:confused:

[GRG55]

Re: Strange bank behavior

My admin recently was written a check for reimbursement for something small from her mother: $500 bucks or so.

She went to her bank (Bank of America) and tried to cash the check (Wells Fargo).

Even though she had an account at BofA, the teller refused to cash the check directly.

Because "some accounts are being bought" or some such, she was forced to deposit the check and then withdraw the funds.

Is this Homeland Security or something stranger?:confused:

Perhaps it has something to do with how the capitalization of the bank is calculated. If they cash cheques directly it reduces their capital for the duration of the time until the cheque works through the clearing system? If they force deposit of the cheque, maybe they can show that as an asset until the cheque clears?

[Jam]

Re: Strange bank behavior

Or, it could be an incompetent teller.

[sishya]

Re: Strange bank behavior

One month ago, I deposited a check at Bank of America. This was a check from here county hospital issued by Wells fargo. I deposited it on a Friday. It got cleared on Tuesday. I then took out the cash for personal use. but then the check got revoked on Thursday and I was hit with an insufficient penalty($25). The check was anyway cleared on Friday. I called them and they gave back the penalty and said they had some hold on that check from Wells Fargo. Don't know nothing more.

I felt this strange then.

[Slimprofits]

Re: Strange bank behavior

My admin recently was written a check for reimbursement for something small from her mother: $500 bucks or so.

She went to her bank (Bank of America) and tried to cash the check (Wells Fargo).

Even though she had an account at BofA, the teller refused to cash the check directly.

Because "some accounts are being bought" or some such, she was forced to deposit the check and then withdraw the funds.

Is this Homeland Security or something stranger?:confused:

For as long as I can remember, having an account in good standing isn't enough for my bank to cash a check written from an account in another bank, unless it has been "directly deposited". In non-direct deposit situations, there is always a partial hold of some kind. Is this revelant?

[mesyn191]

Re: Strange bank behavior

Citibank has been doing this stuff since at least March of this year, they used to just accept the check and do the withdrawal at the same time regardless, not sure why either.

[touchring]

Re: Strange bank behavior

time to buy gold?

[c1ue]

Re: Strange bank behavior

For as long as I can remember, having an account in good standing isn't enough for my bank to cash a check written from an account in another bank, unless it has been "directly deposited". In non-direct deposit situations, there is always a partial hold of some kind. Is this revelant?

No idea, but since this is her mother - she's been cashing checks like this for a long time. This time - this unprecedented requirement.