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How long can a bank hold your money after the account is deactivated

 
Taxtom's Avatar
  • Answered by:Taxtom
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Customer Question

How long can a bank hold your money after the account is deactivated or closed

Submitted: 365 days and 20 hours ago.
Category: Finance
Value: $16
Status: CLOSED
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Expert:  Taxtom replied 365 days and 18 hours ago.

Hello, Was it closed due to inactivity or at your request? Thanks Tom

Customer replied 365 days and 18 hours ago.

Neither one I had just received a taxt return and the account was negative ,so they took their fees and opened me a new account and I also had them fed ex me a new debit card which I received in two days.So Friday I logged on to my account and noticed that it said pending hold on my money which was gonna clear probably in the afternoon of Friday.so the rep told me that they had to make sure that the paying bank was gonna pay them that type of money.and then I asked well why do you guys take your money if it hasn't cleared and then I cannot have my money.then again she explained that they just have to make sure they get their money.so when we hung up the phone I tried to log on to my account it said my account was restricted and then I called back and they said that usaa bank has exercised their right to discontinue doing business with me.and I asked them when will I receive my check and they replied that the account is deactivated and closed and they will send me a cashiers check after 14 days.ionly reason they closed my account because I call on a daily and do not like the kind of questions I asked and that's unfair .I also asked if they could fed ex me my check then they no we do standard mail time but that's not true when I paid to have myy new debit card fed ex

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Expert:  Taxtom replied 365 days and 18 hours ago.

Hello, In most cases a bank can hold a check to clear up to 7 days but if your agreement you signed to open the account gives them longer than you may have to wait the 14 days. Here is the information from the US Treasury http://www.helpwithmybank.gov/get-answers/bank-accounts/funds-availability/faq-banking-funds-available-08.html Thanks Tom

Customer replied 365 days and 17 hours ago.

Well what I'm asking is that now that they have closed the account how long do they have to send me my check for the remainder of funds I had in the account.they have no use for my money and it would be considered stealing if I filed a complaint with the police department and I have notified the federal reserve of the issue as well.I'm curious when will they issue a check for my money now that the accounts closed.I'm sure the money is cleared already and the accounts closed I'm just curiou to when and how long they have to issue my check.the bank is usaa federal savings bank

Accepted Answer

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Expert:  Taxtom replied 365 days and 17 hours ago.

They will have a minimum of 7 days up to the maximum your account agreement stipulates, they would be quoting the 14 days because that is what you account agreement states but in most cases they will mail your check no later than the 7th business day unless they can show there is some type of fraud involved. Thanks Tom

Expert TypeAccountant
Category: Finance
Pos. Feedback: 99.6 %
Accepts: 812
Answered: 5/13/2012

Experience: 25 Years in preparing Personal and Business Tax Retuns

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Customer replied 365 days and 17 hours ago.

Thanks that was great and I don't know what my account stipulates but

 
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