Quote:
Large deposits (greater than $5,000) — Any amount exceeding $5,000 may be held. Your institution must make the first $5,000 of the deposit available for withdrawal according to your availability policy and the remainder within the “reasonable” time frames discussed above.
So first, I would have to see the Reg CC and funds availability policy BoA gives on their accounts. I couldn't find one on their website. Although I found a nice little video on how to avoid holds by using direct deposits and ACH. :lol:
Quote:
* Redeposited checks — May be held unless the check was returned because an endorsement was missing or because the check was postdated. In such a case, if the deficiency has been corrected, the check may not be held as a redeposited check.
* Deposits to accounts that are repeatedly overdrawn — An account may be considered repeatedly overdrawn and items may be held if
1. On six or more banking days during the previous six months the account had a negative balance, or would have had a negative balance had checks and charges been paid, or
2. On two or more banking days during the previous six months the account balance was negative in the amount of $5,000 or more, or would have been had checks and charges been paid.
* Reasonable cause to doubt the collectibility of a check — Doubtful collectibility may exist for postdated checks, checks dated more than six months earlier, and checks that the paying institution has said it will not honor. The general criterion for doubting collectibility is “the existence of facts that would cause a well-grounded belief in the mind of a reasonable person” that the check is uncollectible. The reason for your belief that the check is uncollectible must be included in your notice to the customer.
* Checks deposited during emergency conditions that are beyond the control of your institution — Such checks may be held until conditions permit you to provide availability of the funds. Examples of emergency conditions are natural disasters, communications malfunctions, and other situations that prevent your institution from processing checks as it normally does.
* Deposits into accounts of new customers (open for less than 30 days) — Next-day availability applies only to cash, electronic payments, and the first $5,000 of any other next-day items; the remaining amount from next-day items must be available by the ninth business day. You may choose any availability schedule for deposits of local, nonlocal, and on-us checks into the accounts of these new customers.