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My bank held a $600 deposit for 9 business days and I missed a car payment because of it
I deposited a $600 check from a side gig at my credit union in Austin on a Friday, and they put a 9 business day hold on it even though it was a local check. I get why holds exist, but nobody told me the funds would sit there that long, so my auto payment bounced and I got hit with a $35 fee from the lender. I called and asked them to release it early, and the rep just read the policy off a screen and said there was nothing she could do. It took 11 total days to clear, and I still had to fight to get that overdraft fee wiped. Does anyone know if switching banks actually fixes this or do they all pull the same move?
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danielowens8d ago
Worth noting the hold length isn't really about whether the check is local, it's about your account history and how much you keep in there. A newer account or low balance will get hit with longer holds no matter which bank you use. Switching might help if you go somewhere you've banked longer, but the real fix is usually direct deposit or keeping a cushion so one check doesn't wreck your bills.
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