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So now my funds are on 11 day hold ending December 27th. Anyone else have a similar experience or advice?
It would seem rather a long time if your currency is the same as that of the check."
Right now YPN is only available to US citizens, so I would hope they don't give me a check made out for Real (BRL).
Unless you (or Yahoo) have a bad credit history they'll open an account on those terms.
[edited by: andrea99 at 9:44 pm (utc) on Dec. 12, 2005]
I have no reason to make up a story, HughMungus. I am a big fan of YPN and recommend it to everyone. Just wondering if others had the same issue, or if it was limited to my bank.
It's deposited at my bank now, on hold until 12/27. Thanks for the advice, andrea99. I will be shopping for a new bank.
PS had no problem with my Y check this time iether so not sure what advice to give but move banks very quickly
Thanks for that link, sailorjwd. Have a Merry Christmas, everyone. I'll be celebrating a little late this year.
Here is an article on it:
Here is the link for the current regulations from the FDIC on check clearing in the U.S. -
You would have to read it over for yourself because it is quite long and there are a lot of exceptions in there, but I think this is the part that would apply to your check:
"Is subject to the requirements of § 229.10(c)(1)(i) through (v) and § 229.10(c)(2) only with respect to the first $5,000 of funds deposited on any one banking day; but the amount of the deposit in excess of $5,000 shall be available for withdrawal not later than the ninth business day following the banking day on which funds are deposited; and"
So depending how you made the deposit, I think this means that in general they would have to release the first $5,000 within a couple of days and the rest within 9 business days.
I got a hold lifted on a local cashiers' check at a Bank of America branch by printing out the FDIC regulations and complaining to the branch manager.
(Also note that state law supercedes the Federal law when the state law check clearing times are shorter).