Just opened a checking account. Took my paycheck to them to get cashed out. They refused because it was drawn on another bank They said it was because they had to get the money before they'd release it. Is this just/right?
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ANSWERS: 3
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Yeah, that's the way it works with a new account. The new bank will hold back on paying out the funds until they have received them from the other bank. Once you have built up enough funds in your new account to cover checks drawn from other banks - they will cash them for you without a hold back. It's not personal - it's business and the bank is protecting itself.
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Anoname Thanks - but I still don't have to like it. -
Ice man I agree, it's happened to me too and I didn't like it either.
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I dislike banks. I think the only way to get around this is to cash your check at a place like Walmart or something were they charge you to cash your check but at least you'll get the money and you can take what's left and put it in the bank. I'm sure you've solved this by now. Still it might help someone else looking for this information.
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Anoname
I stay off the grid as much as possible. Usually I do use Walmart for check cashing but this new job insists on making their employees use direct deposit. -
Linda Joy
Yes I've been in a situation like that too. In fact my money comes on a bank card as well
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That's the exact way it works. They don't give you money until they have money in their hand from that check you gave them. Welcome to reality.
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