10 day hold on deposits

[Since '72]

I'm a retired 40+ year member. USAA just placed a hold on a significant fraction of a deposit from my nest egg account at American Funds. That fund has 43 billion dollars in assets. The robot said it's for my "protection". So glad to know this. My son, who is a 10-year USAA member also has this happen to every paycheck he deposits recently. He is on the phone with USAA daily. Today he had to talk them out of an overdraft fee that USAA applied when USAA withdrew his car insurance premium while withholding his paycheck deposit. This isn't right. Really disappointed in USAA.

[USAA Social Service]

Since '72 - I know deposit holds can be frustrating. Please understand all checks, even paychecks, 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 will review your situation and reach out to you shortly. Thanks for speaking up today. - Jason
 

[USAA Social Service]

Since '72 - I attempted to reach you by phone to discuss this issue but was unsuccessful and left a brief voicemail. I sent a detailed message to the secure message center. You can access it by logging on, clicking your name, then Alerts & Actions, then My Emails. Please feel free to contact us again should you have any additional questions. - Jason
 

[mxreeds]

like they said all deposits can be held before clearing the system, this is more likely to occur with unusual activity, so if you regularly have similar sums deposited the bank learns to hold them for shorter and shorter times.