I had started a new savings account and deposited a large sum >$25 thousand in a local bank. My first check to the savings account bounced because of the timing of the transfer of funds to my checking account with another bank. I subsequently deposited same amount of money on Aug 24, 2009 and successfully completed the transaction to my savings account. The Bank's risk department wants to close my account and they will not return my large sum till Sep 21, 2009. The bank wants to hold my money for almost a full month before returning it back to me. I went to the local branch and saw the bank manager. She will not close my account and issue me a cashier's check.
Is it legal for a bank to hold my money this long? I have a deposit slip that indicates that the full funds will be available on Aug 31.
Thanks
Is it legal for a bank to hold my money this long? I have a deposit slip that indicates that the full funds will be available on Aug 31.
Thanks