Deposit holds

Deposit holds

Ageholmes's avatar User  Ageholmes  (Opens a pop up layer) Occasional Visitor

I have been a member of USAA for 3 years, I have auto insurance, and AMEX card and a personal loan with this bank.  Last month I made a mobile deposit into this account  to cover my bills and it was put on hold for 10 days.
I tried the mobile deposit again this month and got the same results.
 
There should be some type of warning prior to accepting these deposits and then holding them hostage for almost 2 weeks!!!  This is no way to to treat veterans!   Looking for another bank!!!! 

Re: Deposit holds

727's avatar User  727  (Opens a pop up layer) Frequent Contributor

I think they do disclose the hold periods. The checking account disclosure ( https://content.usaa.com/mcontent/static_assets/Media/DaD0406_BillPay0704_SvcFee0606.pdf?cacheid=383... ) says that Deposit@Home and Deposit@Mobile can be held up to seven business days. 

 

Mail deposits, over the counter deposits and things not through one of the electronic deposit methods have different (and shorter) holds. 

 

I think it also depends on how long you've been with USAA, I just got some stickers that say I've been with USAA for 25 years.   I'd give them a call and ask why.   I've always found USAA to be very helpful so before you write them off give them a call. 

Re: Deposit holds

VonTrousers's avatar User  VonTrousers  (Opens a pop up layer) New Member

Yes, you definitely get more leeway the longer you've been with them and--more importantly--the cleaner your finances are.

Re: Deposit holds

VALLEY5's avatar User  VALLEY5  (Opens a pop up layer) Occasional Visitor

I am getting the same treatment with no explaination. The reasons I have gotten from my many correspondences with USAA to get to the reasoning of the excessive holds (on known check sources at that) are these:

 

  • "It may be due to tax season"
  • "I don't know why your funds are being held"
  • "We changed our policy"
  • "Maybe it is because you have had a few overdrafts"
  • "Maybe it is because your account balances are low"
  • "we don't reveal the reasons we put holds on checks for security reasons"

As I told the multiple reps I have talked to, I can't play Russian Roullette with my money. This treatment is not ethical. 

Re: Deposit holds

jvallen's avatar User  jvallen  (Opens a pop up layer) Occasional Visitor

I deposited my payroll check through UPS today and was told that the funds would be immediately available.  Obviously I was wrong and now I have to wait 7 days for my funds?  Since this a pay check, this is same as telling me I can't get paid for the hours I worked.  I have contacted the 'bank' and was told it was because the account was new (i have never had an overdraft, NSF or other issue).   My company does NOT offer direct deposit and there are no USAA banks in this city.  It appears that the bank is showing the deposit in the ledger from which they get interest while trying to sell me on a personal loan at over 8% or taking a cash advance on a credit card (at a large interest rate also).  I have bills to pay and need my money before next Monday.  I don't want to hear from anyone about debt management or reading page 326 of some agreement.  A payroll check is a payroll check.  As far as ALL banks holding checks, that is completely false.  I have deposited payroll checks at other banks and had the funds available immediately.  Sorry but I will have to reconsider continuing my business with a bank that 'sells' itself on being friendly to military and ex-military.  

Re: Deposit holds

BrianaHartzellUSAA's avatar User  BrianaHartzellUSAA Community Manager

Dear Jvallen,

Thank you for commenting. I have sent your post and experience over to our banking department for further review.

Thank you

Re: Deposit holds

PFC Zemen's avatar User  PFC Zemen  (Opens a pop up layer) Occasional Visitor

I got this: Its a federal banking algorithm that cannot be undone by any employee of USAA not even the CEO. 

Re: Deposit holds

PFC Zemen's avatar User  PFC Zemen  (Opens a pop up layer) Occasional Visitor

I have been with USAA for close to 5 years. I overdrafted ONCE in the past two years if I remember correctly. Twice if you count the time I was charged an ODF for a purchase to a merchant that cleared a week earlier AND I had over $400 in my account at the time of the ODF. Representaive said to me "ooooh this system....sometimes it is wonky".   I have had the same employer for a year and a half. I must deposit my paychecks via mobile because there is no available ATMs in my immediate area and my employer does not offer direct deposit. I recently became salaried and had a wage increase of approximately +$200 per bi-monthly paycheck. The first salaried paycheck I deposited over HALF was put on hold for seven days!! How awkward and unproffessionly for me to have to ask my employer for a cash loan so that automatic withdrawls I have set up did not get returned, my account turn negative and accrue ODF and NSF fees. I called USAA and was offered only to apply for a CC or a loan and they could do nothing stating it was a "federal banking algorithm that cannot be undone by any USAA employee including the CEO". Mind you this was after I was put on hold and hung up on THREE times!! I opened a new checking account with Warren FCU (a local and trusting military credit union) so as not to run into this problem. My second salary check I cashed at my Warren FCU because I did not have a debit card nor checks yet nor had I switched over all my automatic withdraws yet. I purchased MONEY ORDERS in smaller increments and deposited them via the mobile app and AGAIN a portion of my funds were placed on hold for seven days. FROM A MONEY ORDER? REALLY???? Seems to me placing funds on hold allows USAA to profit from ODF, NSF and interest gained from essentially borrowing your money for seven days. This is a very unnacceptable way to conduct business and treat members that are specifically military enlisted, veterans and families of. I will most certainly be warning the newly enlisted to beware of these actions before they open an account with USAA. Apparently 5 years as a member and a clean account record have are not enough for USAA to trust a member. They lost my trust in this entire charade and I am glad to say that my new institution treats me with trust, dignity and mere respect. 

Re: Deposit holds

AngelaCabanUSAA's avatar User  AngelaCabanUSAA Community Manager

Dear PFC Zemen,

 

Thank you for taking the time to comment in the community. I have sent your comments over to our banking partners for review. If there is anything they are able to further assist you in, they will be in contact directly. Thank you.

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