Checks being held for 7 days!!!

[Todom]

I deposited my check from T.Rowe price yesterday for $1800. Called in to the bank center and was told that my check would not be available till seven days later. When I asked the rep as to why it was gonna be held for seven days and the check is not a personal check and from a huge financial institution he said that USAA's policy is to hold the check for seven days. My boyfriend deposited his check from T Rowe price at the same time and his check will be available today. The rep was absolutely no help when asked if a little bit of money would be open up so that I wouldn't have any money at all he said no that the funds would be available till the 22nd. I could totally understand them holding the check for seven days if it was a personal check but from A big company like T Rowe price they want to make sure the funds are available that's a little bit ridiculous to me

[Todom]

My boyfriend actually deposited his check into the Bank of America account maybe that's why it's available quicker but I've heard USA was a great bank but now I'm having second thoughts maybe be taking my money elsewhere

[USAA Social Service]

Todom - I know deposit holds can be frustrating. Please understand all checks, even checks from big companies, are subject to stop payment and as a result are subject to deposit holds regardless of the means of deposit. When a check is presented for deposit, we present the check to the Federal Reserve. They present the check to issuing bank. The issuing bank verifies funds available in the issuing account and sends it to the Federal Reserve, who then send the funds to us. In many cases, we credit at least some of the funds to you even though we have not received them. The hold is to protect both you and USAA and is not meant to be punitive. Wire transfers and direct deposits are not subject to holds. I hope this information has been helpful. - Jason
 

[ljm78]

My advice would be to take your  money elsewhere...USAA used to be a great bank that had a personal feel, but now they have become a big corporate machine and don't show the least bit of empathy toward their customers.  We've been with them for more than 15 years and to see the difference in service from then to now is absolutely frustrating, to say the least.

[USAA Social Service]

Your long membership is highly valued ljm78, and we honestly and genuinely take your feedback and concerns very seriously.  I know you've been made aware in prior posts, but we are in the review process of your recent service experiences and will be in touch with you once complete.  Thank you for your time in posting, and thank you for being a member of USAA.  Sincerely  -  Justin  

[Todom]

They released some funds yesterday, but logging on today showed that non of the funds got released. How is that Possible? You make $500 available one day, and then the next day take it away? So now I'm negative in my account!

[USAA Social Service]

I tried to contact you at the number we have on file, but wasn't able to reach you. I have sent a secured email to your online message center in reply. To access it, simply click your name, select Inbox, and then scroll down to Notifications.  - Cathleen

[Todom]

I still don't understand how USAA can hold the funds for 7 days, when federal law says that it could only be held for 5. I did not use the @mobile or UPS store to deposit my check, but directly deposited my T.Rowe Price check to a USAA ATM. There was nowhere on the screen when I deposited my check that my funds would be held for 7 days. If it was a personal check I could see them thinking it could bounce, but from a reputable 401k company like T.Rowe price, where just a week ago they were paying all their Costco stock holder dividend checks, which I am an employee and stock holder. If that was the case I would have gone to Bank of America where they only hold for 2-3 days. @ljm78 thank you for your advice but once my funds are released I will be taking my money and my direct deposit from my employer elsewhere.

[USAA Social Service]

Hello and thank you for your follow-up post. If you have additional questions concerning the hold on your funds please let us know by contacting us at 210-531-USAA (8722), our mobile shortcut #8722 or 800-531-8722. Our business hours are Monday through Friday 6:30am-10:00pm CT and Saturday 8:00am - 6:00pm CT. We look forward to speaking with you! - Darrell

[Todom]

Thank uou Darrell, but I've spoken to several reps that said there's nothing that can be done. I'll just save my time and energy and wait till it gets released in a few days and do my business elsewhere