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Is there a time delay where the OCC can't in fact make them release funds? Several major banks have deposit limits of 5-days or even 30-days for funds inside of
by rwmurrayVT 7y ago
Is there a time delay where the OCC can't in fact make them release funds? Several major banks have deposit limits of 5-days or even 30-days for funds inside of a new bank account to prevent check fraud.
- corodra 7y agoFrom what I understand, most verifications are done because the OCC regulated them to do so. Maybe an agency here and there added other stuff. But at the end, the OCC is the one who knocks if a bank fucks up on information due diligence. But 30 day is still beyond me as to where that comes from. 3 to 5 day. Sure. But 30 makes zero sense. My situation was a bit unique due to the account being frozen out of the blue.