QUESTION
Can a bank hold an ACH social security check for 3 to 10 business days?
Asked on Mar 22nd, 2012 on Business Law - Texas
More details to this question:
I get my social security check on the 3rd Wednesday of the month...this month i had a personnel check presented at my bank on Wednesday in the amount of 1200 dollars that was returned and a NSF charge of 38 dollars ...when i called to find out why.. I was told they had held 485 dollars of my social security which cause my 1200 ck to be returned and that my social security check can be held for 3 to 10 business days
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Your bank's availability schedule must be at least as favorable to you as the one required by federal law. As a general matter, funds from a check drawn by the U.S. Treasury must be available in not more than two business days. That schedule would apparently still have caused the check drawn on your account to bounce. Your initial question is somewhat confusing because of its reference to "ACH," which is not a "check.
Answered on Apr 04th, 2012 at 6:07 PM