Bank will not release insurance check

Discussion in 'Banking, Finance, Investments' started by kafa528, Jul 9, 2008.

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  1. kafa528

    kafa528 New Member

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    I live in NC, and back in 2006 my car suffered hail damage. At the time I had a lien on the car so when my insurance company made the check, it was made to me and the bank. The bank informed me it would be best if I deposited the check in my savings with a hold on the funds pending repairs. Since then I had paid the car off and now have title in hand, yet the bank will not release the funds until I have the car repaired. Are they allowed to do this even though they no longer have interest in the vehicle? They want repairs first which I can't afford out of pocket.:confused:
     
  2. Theresagail

    Theresagail New Member

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    No I dont think so-- They no longer have a interest in the vehicle, I would talk to a manager
     
  3. lwpat

    lwpat Moderator

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    I agree. They can't hold the money and you do not have to repair the vehicle. If they won't budge sue them in small claims.
     
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