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Dwayne B.
Dwayne B., Attorney
Category: Legal
Satisfied Customers: 33731
Experience:  Began practicing law in 1992
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I have had a account with century bank year, over a week

Customer Question

I have had a account with century bank for a year, over a week ago my partner and I opened a savings account, depositing a check for 35,000. cashed in stocks from citi bank, talked to them yesterday check cleared Thursday. my bank put a hold on this check because Tony was a new member I have bank with them having a checking and sAVINGS ACCOUNT FOR A YEAR. So how can this be right and legal. That's are money they have it I quess making interest money on our money, or what
Submitted: 2 years ago.
Category: Legal
Expert:  Dwayne B. replied 2 years ago.
Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts. The reason they can hold the check is because in the papers you signed opening the new account you agreed that the bank could do so. If you look through those there is going to be a section where it states that the bank has the right to put a hold on any checks deposited and the funds won't be available for a period of time. The reason more banks are doing this is because of fraud. There are a number of checks which appear correct and which appear to pass the electronic funds transfer but are then reversed very shortly afterwards. All of the banks have this language in their documents now but if you want to file a complaint you can do so at this website which is the NM regulatory agency for banks.