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Dave Kennett
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Category: Business Law
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Experience:  25 years practicing law
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I own a business in Ohio. A bank place a $500,000 hold on

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I own a business in Ohio. A bank place a $500,000 hold on my account because they believed I was kiting funds. I just found out what kiting is (and that its illegal to do)4 weeks ago and I honestley have to say I did it with two other banks. However this third bank (the one that placed the hold) has been holding my money since may 18 and will not let me know when it will be released.   This account I was not kiting funds, I had learned my lessons from the other two banks. The hold was placed because I transferred funds from one account to another, and wrote a check against a pending deposit from a credit card company. That caused an overdraft on one account and a hold on the other. How long can they hold my money? And do I have a right to know when they will release it? They will not tell me when it will be released or give me a number to a person who can inform me. I have no pending deposits on this account. All the money has been cleared.
Submitted: 5 years ago.
Category: Business Law
Expert:  Dave Kennett replied 5 years ago.

DearCustomer- If the bank suspects any fraud may have occurred (I'm not saying it did) they can hold the funds and actually close the account by returning the funds to you. This is a sizable amount of money and it is possible that the bank will close your account depending on the results of any investigation they may be doing.

 

It is somewhat difficult to believe that no one at the bank will speak with you regarding this situation. Certainly there is a manager who can give you some details. You can file a suit against the bank if you wish but two weeks is not an unreasonable amount of time to hold funds, especially in this amount.

 

The general limit on holds is two weeks but if circumstances warrant something longer the bank is permitted to protect itself until they are certain all funds have been verified.

 

Dave Kennett

Dave Kennett, Attorney
Category: Business Law
Satisfied Customers: 27686
Experience: 25 years practicing law
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