My husband has been depositing the same checks from work for quite some time now, and there has never been an issue. Suddenly, USAA put a 7 day hold on our funds for "our" safety. They cannot give us a specific reason for why they are holding the money. The stupid thing is, we need to pay credit cards and a truck payment to USAA. So, we can't pay them because they put a hold on our funds for our safety. On top of that, we have other bills and mouths to feed, and all they have to offer us is, "I'm sorry for your situation. We didn't do it with malicious intent." Not sorry for putting a hold on funds for no reason that they can give us, but just sorry we can't pay our bills. Can't wait till they release the funds, because as soon as they do, we're canceling our account and moving to a local credit union. These big banks have no souls.
Thanks for posting to our Community, cmb84. I regret to hear that you wish to leave, and I'm happy to provide additional information. The majority of deposits are available immediately. However, like all banks, USAA Bank sometimes puts a hold on a member’s deposit. This temporary hold protects the member and the Bank from the growing threat of fraud. If your husband's employer utilizes direct deposit, a hold can be avoided by using that service, rather than depositing a paper check. Our Deposit@Mobile service has a notification system that tells you how much of the deposit will be placed on hold, as well as the date funds will be available. With this notification, you can budget for the hold or cancel the deposit and look for alternative ways to make your deposit. If you are not receiving this message then I ask that you ensure you have the most recent version of our app on your mobile device. - Cathleen
Just an FYI - I worked in banking for over a decade before I chose to stay home with my kids. Paychecks and official checks were where I always encountered fraudulent checks, so it's actually pretty common to place a hold on them (even with a pattern - I had one issue with a bad employee in the acct department of the employer replacing checks and stealing the real ones somehow). I dealt with this issue on both sides of it (trying to help customers with real checks and trying to defend the institution and the customer from bad ones) at multiple institutions, so it isn't unique to USAA. The best way to avoid it is direct deposit.
Blackhawks84 I hear ya, but I've been banking for over a decade at different banks and credit unions, and I have never had this done. Not once have I had a random 7 day hold placed on any check. I have been alerted if fraud is suspected on my account, but never has a bank just said, "meh, let's hold this one, ya know, just in case this is randomly a fake check even though we've been depositing this same check with no problem. So when I say, "ALL banks don't do this," I'm not saying that no other bank does this. I'm saying speak for your bank. Don't try to tell me that ALL banks do this when I have never once had this happen to me after banking at different banks/credit unions for years. Also, with the amount of complaints about the same issue, I feel like a lot of other people have never experienced this either. So, it may be common to you after working in banking, but certainly not to customers such as myself looking to provide for their children for 7-10 days while our funds are randomly placed on hold. All employers don't offer direct deposit, which is the case with my husband's job. Also, this must be quite inconvenient for self-employed individuals who need to cash checks in order to complete projects etc.
cmb84, thank you for your post. I can certainly understand how holds may impact your economic stability. Holds are not only placed to prevent loss/fraud, but also if an account has had recent negative history, such as overdrawing the account, returned deposits or NSF resulting in returned payments, which can cause holds on certain deposits. Deposit holds are a standard practice with all banks.
Additionally, to help prevent any negative impact, when using our mobile app to deposit, any amounts that are subject to holds is displayed before finalizing and submitting your authorization to continue with the deposit. This allows you the opportunity to cancel if the amount on hold would impact you in any way. Thank you for allowing the opportunity to clarify the reason for holds. Have a good day. ~Jen