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We know having access to funds is important to you. We are in the process of validating the check and collecting the funds. For this reason, it is important to know that Bank of America service representatives are not able to release deposited funds that are on hold.
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You can avoid a hold on your deposit by encouraging individuals and business entities paying you to use electronic payment solutions such as direct deposit, Automated Clearing House (ACH) payments, online transfers, wire transfers and peer-to-peer services such as Zelle®. These types of payments are typically available the same day they are received or scheduled to occur.
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When you deposit a check, some or all of the check amount may not be part of your available balance for a period of time. This is done for the purpose of validating the check and collecting the funds from the issuer of the check.
In some cases, your funds may not be available because your deposit was made after the cutoff time for that particular day. Please visit our Cutoff Times for Deposits, Transfers and Payments page for more information.
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The hold allows us (and the bank paying the funds) time to validate the check – which can help you avoid potential fees in the event a deposited check is returned unpaid. Keep in mind, though, that a check may still be returned unpaid after funds have been made available to you. Please refer to your Deposit Agreement and Disclosures for complete information.
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We inform you of a deposit hold in a variety of ways, depending on how the deposit is made:
- ATM deposit: We’ll tell you of any hold on both the ATM screen and your printed receipt.
- Financial center deposit: Your deposit receipt will include a notice of any hold.
- Mobile deposit: The deposit confirmation screen on your device will tell you of any hold.
- Email alert: If a hold was not originally placed when you deposited the check and we later determine one is necessary, an alert will be sent to the email address you’ve provided to us.
- Mail notification: If a hold notification wasn’t provided at the time the deposit was made (for example, a deposit you make by mail), a hold notice will be sent to the mailing address you’ve provide to us. If you’ve opted in to receive paperless documents, you can view the hold notice in your Online Banking account.
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Deposit holds typically range from 2-7 business days, depending on the reason for the hold. For deposits made on weekends, funds are considered deposited on Monday (the first business day), so the hold will go into effect the next business day (Tuesday).
In some cases, the length of the hold can change based on new information we may receive or discover. If this happens, you will be notified promptly through mail and/or email.
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You can visit our Better Money Habits® website and view a video on how banks process deposits. This will explain further how banks process deposits and why you, or the person you wrote a check to, may not be able to immediately access the money.
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Unfortunately, due to risk factors including the potential for fraud, we can’t accept third-party verification that a check has cleared the originating bank account in order to release a deposit hold.
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Certainly! The passage you provided seems to focus on the dynamics of deposit holds within banking, particularly concerning check deposits at Bank of America. Let's break down the concepts mentioned:
Deposit Holds
- Definition: When you deposit a check, the bank might place a hold on some or all of the funds for a certain period.
- Purpose: To ensure the check is valid and the funds are collectible, minimizing the risk of fees if the check bounces.
- Duration: Holds typically last 2-7 business days, but the period can vary based on factors such as the deposit method or new information received.
Reasons for Holds
- Check Validation: Banks need time to validate the check, especially if it's from an unfamiliar source or if there's potential risk involved.
- Cutoff Times: Deposits made after a specific cutoff time might not be processed until the next business day, affecting fund availability.
- Risk Mitigation: Holds help prevent potential fraud or the issuance of insufficient funds.
Notification and Communication
- Methods of Notification: Bank of America informs customers about holds through various channels such as ATM screens, deposit receipts, email alerts, or mail notifications.
- Changes in Hold Status: If there's a change in the duration of the hold, the bank promptly notifies customers via mail and/or email.
Deposit Solutions
- Encouraging Electronic Payments: Bank of America suggests using electronic payment solutions like direct deposit, ACH payments, online transfers, wire transfers, and services like Zelle® for immediate availability of funds.
Limitations
- Third-Party Verification: The bank doesn't accept third-party verification to release a deposit hold due to potential risks like fraud.
This information reflects a fundamental aspect of banking processes and customer interactions concerning fund availability, risk mitigation, and the verification of deposited checks.
