I thought making a desposit via money order or cashier's check would be ok, boy was I wrong. I made a deposit into may account on a Friday before noon. I check back on my account on Saturday to see if and when the funds would be available. I see they have placed a 7 day hold on a money order deposited at the ups tore becuasue there are no atm's to make deposits or branch locations in my area. I have several direct deposits going into my account and I'm being told that due to a over draft of 1dollar and some cents, and another for 3 dollars and some cents they are holding my deposit. How petty could you get at my previous bank I received a 5 dollar cusion and anything under that wasn't even counted negatively. Not to mention the two were spread over a 3 month period. So now I have to go back to my old bank becasue I can't have even the smallest amount over drafted in my account or all of my physical deposits will be held for 7 days. Every bank has their down falls but this is excessive and a redicilous reason to loose customers and money over.
Banks upon which checks have been drawn are required by law to either pay or return them by midnight of the day next following the date of the deposit. Present in this day and is made electronically by the bank to which the check was deposited after business hours on the date of the deposit. For most banks, the business day ends at 2:00 p.m. That means that a check deposited after that hour on Monday would be presented to the drawee bank on Tuesday and would need to be paid or returned by midnight on Wednesday. The funds should accordingly be available on Thursday. Five, seven and ten day holds on checks drawn on local banks are not the norm, and USAA is benefiting by retaining interest earned on amount of your deposit, once collected by the applicable midnight deadline, until the date it decides to make the funds available to its depositor.