No A Good Bank
Contributor
So I lost my job and have been working part time. I deposit a check for $384, they put a 10 hold (counting holiday) on $184. I called to see if the hold could be released and they gave me 3 different (possible) reasons on why the hold was so long. None of which made any sense. I spoke with a Manager and she attempted to explain the Federal Reserve process for checks and that they were giving me courtesy for releasing the $200. I absolutely dislike this bank. They keep talking about the value that they bring to their members, but I do not see it today. I tried to speak someone to escalate the issue and they told me that there was no one else that could help me. I am done with USAA. I am sure they have helped our beloved service members but today this place sucks! I will look for another bank.

3 REPLIES

@No A Good Bank, yikes! We can certainly understand the frustrations on holds.  Please note that funds take a few days to actually reach us, from the time you deposit, it is not immediate. Even if it is showing as cleared from the funding bank, we do not receive the actual funds for a few days.  The only deposits which do not carry a hold are direct deposits, wire transfers and incoming electronic credits. All other deposits may have a hold. 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.

So, what you are saying is that you should have every deposit wired to the bank? In what universe is that a reality?

 

I am AGAIN suffering the consequences of depositing a check by mobile of which the majority has been on hold since October 12th.  I am told it's due to my "account maintenance" meaning I have had NSF's. Yes, I have had on-going medical creating financial issues. That said, almost all of my NSF's are due to USAA HOLDING MY DEPOSITS!  I just had an agent suggest that I have people writing me checks write two so that there is not the same type of hold.  That doesn't work.  They get held whether one big check or two smaller checks. 

 

Please explain to me, not using Federal Reserve or legal speak, how it is helpful to hold a deposit, a positive action, on an account you deem "not credit worthy?" None of my deposits have ever been returned - so again, how is this a good thing? Oh, I was also told by an uninformed agent that ACH transactions would not be returned when funds are held. Well, that's a lie. Just had auto payments returned, so now I am also out $58 in fees.  Fabulous!

 

Your depository notice regarding mobile deposits:

 

FSB will hold the funds for up to seven business days from the date of deposit. In some instances, funds may be available sooner than seven business days based on such factors as credit worthiness, the length and extent of your relationship with FSB and its affiliates, transaction and experience history, and such other factors as FSB, in its sole discretion, deems relevant.

 

Hey, FSB, use your "Sole Discretion" and release my funds. Stop making interest on the held funds because you have been PAID by the bank issuing the deposited check.  As  a matter of fact, you were paid Monday, it's Wednesday.

How does MY credit worthiness affect a deposit from someone else?! Hmmmm....

 

You must really pad your pockets with all of the interest made on deposits held for 7 days.

 

Thanks for nothing but deteriorating customer service over the past two years and headaches galore. 

Once MY money hits my account, I'm transferring it all to Simple. This is the last time I will deal with this.

 

What's the old saying?

 

Fool me once, shame on you. Fool me twice...evidently, I am a trustful fool.

 

Please do not respond to me unless you plan on using your "Sole Discretion" at the Executive Resloution Team level to remove the hold on MY money.

@scarletann, I can see you're upset with the hold on your deposit. I will engage a subject matter expert to review your situation further. Please allow sufficient time for completion of their review and we will follow up with you. - Ben