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Contributor
Very dissatisfied, I'm a new member and to hold my funds for 16 days is nonsense, already posted to my account and still a hold on it. Goodbye USAA going with another company.

5 REPLIES

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This is the fourth story I've read of this happening in the past two days in addition to my own. USAA is really screwing up this week.
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Every bank places extended holds on new accounts. And it's not a secret. It's in the Depository Agreement that you didn't / couldn't read.
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We've had USAA for a year and they started putting holds on our deposits 2 weeks ago. We've NEVER had a negative balance on the account either.
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I understand people's fustration but I think the bank may be justified in holding a Deposit@home until the check clears for fraud reasons.  There is nothing to stop a criminal type from sending a picture of the check to several bank accounts plus taking it down to the nearest check cashing facility.  I'm sure everyone who has issues with the Deposit@home aren't criminals but technology is still lagging in providing instant security for a convience like this and the bank is trying to protect itself and its customers.  This policy/procedure may become more wide spread as more banks use apps that allow deposits without the physical check in hand.  When technology reaches the point that check clearing is instantaneous, check holds will be unnecessary.  Are mailed in checks held until they clear?

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Doesn't take 10 business days to collect any funds. I'm not new to USAA yet can't clear a dollar in a week.