Bank Hold

Chase (and WaMu before it) seems to hold deposits at random. I deposited a check a couple of weeks ago and Chase put a 7 day hold on it. I just got a letter today saying that they're extending the hold for another week. When I talked to the CSR, the reason they gave me over the phone was different than what was in the letter. While the check is on hold, I can't transfer the money out to a higher interest account so I was stuck getting 0.1% or something.

The lame thing is that I deposited the same check amount (and same payer) in September without any problems. That deposit was to my checking account. This time I deposited to my savings account which had lots of transactions with dollar amounts larger than this check (I had to sell my employee options when I quit Broadcom). I guess this is the way it is with big banks. I'm probably more of a hassle for them since I never bounce checks and don't use any of their other services... no fees.

The CSR put me on hold for 10 minutes and came back to tell me they cleared the hold. At least the check didn't bounce.

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Now I find out that the check went through on the day I made the deposit (Dec 30) but Chase wanted to hold it until Jan 11.