0
I used to work at a bank. The reason the bank I worked at did it was because the credit card company the checks are drawn off of can be returned to the bank up to 3 years after it was deposited, which causes the bank to take the loss. The credit card companies can take that long to decide not to honor the check, while the bank has already given you the money for it. They do it to protect themselves from losses and the customer from fraud as well.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Why do banks put holds on checks?
Banks put holds on checks to allow time to collect the funds from the drawer bank. When a check is not held, the bank is taking the risk of giving the funds to the payee before they have actually collected money on the check from the maker.
Which Swiss bank holds indian black money?
HSBC Bank is one of the Swiss banks that holds indian black money.
How much would it raise your credit scores if you were added as an authorized user on a credit card?
If you are an authorized user of another persons credit it has no effect on your credit at all. It will not raise nor lower your score. The credit card company simple issues you a card with your name on it and then holds the person who holds the credit with them responsible for any charges you make.
What is a public sector bank?
The term public sector banks is used commonly in India. This refers to banks that have their shares listed in the stock exchanges NSE and BSE and also the government of India holds majority stake in these banks. They can also be termed as government owned banks.
What are the three difference between a bank and a credit union?
A bank holds and stores money, and a credit union is for a temporary holding for money, and your only suppose to have a certain amount of money in the credit union
How long do banks hold a check?
Many banks will place holds on checks. Each bank has different policies pertaining to holds so it is best to check with your bank to find out
Why do banks put holds on checks?
Banks put holds on checks to allow time to collect the funds from the drawer bank. When a check is not held, the bank is taking the risk of giving the funds to the payee before they have actually collected money on the check from the maker.
How long does a bank hold on a check?
Banks may hold checks for a variety of reasons, though some checks may qualify for next-day availability as long as your account history is acceptable. Typical holds for local checks from other banks last up to 7 days, while typical holds for non-local checks from other banks last up to 11 days. A bank can hold a check that does not qualify for next-day availability (or if your account history warrants, even if it otherwise would) for any length of time it deems reasonable.
What is the history of GTE Federal Credit Union?
The GET Federal Credit Union is one of the largest owned banks in the Tampa area. It was founded in 1935 during the Great Depression. Each member holds a stake in the credit union.
What holds space shuttle to platform?
Built-in holds may be extended if mission parameters allow for additional checks or to correct issues.
Who holds the MLB record for career hits by a second baseman?
banks
Which Swiss bank holds indian black money?
HSBC Bank is one of the Swiss banks that holds indian black money.
How much would it raise your credit scores if you were added as an authorized user on a credit card?
If you are an authorized user of another persons credit it has no effect on your credit at all. It will not raise nor lower your score. The credit card company simple issues you a card with your name on it and then holds the person who holds the credit with them responsible for any charges you make.
Hotel holds on your credit card?
Most hotels require a credit card to hold your reservation. When you check-in, you can pay for the room with your credit card or with cash.
What is that adhesive called that holds credit cards to paper?
FUGITIVE ADHESIVES
What is the difference between commercial banks and nabard and sidbi?
Commercial Banks are of 2 kinds: Private and Nationalised Private Commercial banks are private sector banks like ICICI, Citibank, etc, which have no government stake in them. Nationalised Commercial banks are government owned commercial banks like SBI, Canara Bank, Punjab National Bank, etc. The government holds a large stake in these banks. NABARD and SIDBI fall under what are known as Development Banks. Development banks are those banks which mainly have 2 funcitons: One, to act as refinanciers, diverting funds through nationalised banks for development purposes and Two, to undertake development projects like training and supporting fledgling industries. A third category of banks are known as Cooperative banks. The DCCBs or District credit cooperative banks fall under this category. All the above mentioned banks are governed and regulated by the Reserve Bank of India.
What is a public sector bank?
The term public sector banks is used commonly in India. This refers to banks that have their shares listed in the stock exchanges NSE and BSE and also the government of India holds majority stake in these banks. They can also be termed as government owned banks.
