Ageholmes's avatarAgeholmesMember Stories | ‎03-19-2014 10:59 PM

Deposit holds

I have been a member of USAA for 3 years, I have auto insurance, and AMEX card and a personal loan with this bank.  Last month I made a mobile deposit into this account  to cover my bills and it was put on hold for 10 days.
I tried the mobile deposit again this month and got the same results.
 
There should be some type of warning prior to accepting these deposits and then holding them hostage for almost 2 weeks!!!  This is no way to to treat veterans!   Looking for another bank!!!! 
Comments

727's avatar727Frequent Contributor

by ‎03-20-2014 07:54 AM

I think they do disclose the hold periods. The checking account disclosure ( https://content.usaa.com/mcontent/static_assets/Media/DaD0406_BillPay0704_SvcFee0606.pdf?cacheid=383... ) says that Deposit@Home and Deposit@Mobile can be held up to seven business days. 

 

Mail deposits, over the counter deposits and things not through one of the electronic deposit methods have different (and shorter) holds. 

 

I think it also depends on how long you've been with USAA, I just got some stickers that say I've been with USAA for 25 years.   I'd give them a call and ask why.   I've always found USAA to be very helpful so before you write them off give them a call. 

I think they do disclose the hold periods. The checking account disclosure ( https://content.usaa.com/mcontent/static_assets/Media/DaD0406_BillPay0704_SvcFee0606.pdf?cacheid=383... ) says that Deposit@Home and Deposit@Mobile can be held up to seven business days. 

 

Mail deposits, over the counter deposits and things not through one of the electronic deposit methods have different (and shorter) holds. 

 

I think it also depends on how long you've been with USAA, I just got some stickers that say I've been with USAA for 25 years.   I'd give them a call and ask why.   I've always found USAA to be very helpful so before you write them off give them a call. 

VonTrousers's avatarVonTrousersNew Member

by VonTrousers ‎03-20-2014 02:39 PM
Yes, you definitely get more leeway the longer you've been with them and--more importantly--the cleaner your finances are.
Yes, you definitely get more leeway the longer you've been with them and--more importantly--the cleaner your finances are.

VALLEY5's avatarVALLEY5Occasional Visitor

by VALLEY5 ‎04-16-2014 07:15 AM

I am getting the same treatment with no explaination. The reasons I have gotten from my many correspondences with USAA to get to the reasoning of the excessive holds (on known check sources at that) are these:

 

  • "It may be due to tax season"
  • "I don't know why your funds are being held"
  • "We changed our policy"
  • "Maybe it is because you have had a few overdrafts"
  • "Maybe it is because your account balances are low"
  • "we don't reveal the reasons we put holds on checks for security reasons"

As I told the multiple reps I have talked to, I can't play Russian Roullette with my money. This treatment is not ethical. 

I am getting the same treatment with no explaination. The reasons I have gotten from my many correspondences with USAA to get to the reasoning of the excessive holds (on known check sources at that) are these:

 

  • "It may be due to tax season"
  • "I don't know why your funds are being held"
  • "We changed our policy"
  • "Maybe it is because you have had a few overdrafts"
  • "Maybe it is because your account balances are low"
  • "we don't reveal the reasons we put holds on checks for security reasons"

As I told the multiple reps I have talked to, I can't play Russian Roullette with my money. This treatment is not ethical.