Expert: Shane - 4/10/2009

Question
Hi Shane,

My ex recently mailed me a check for $900 that I deposited into my checing account.  The next day I withdrew $700 of it at an ATM.  The bank then put a hold on my account for the amount of the check, putting my account into the negative.  It ALSO put a hold on the amount I transferred to my debit card account.   Now my salary direct deposit has come in, and because it was less than $700 - all my accounts are now in the negative, with a "pending verification" line.

Why do they need to hold both of my accounts?  I can understand the one - but they are blocking access to my paycheck in the other.  

this is a major bank that Regis likes to promote ;)

thanks

Answer
whichever account you deposited the funds into they would put a hold on.  There is no such thing as a debit card account so I am assuming you mean you deposited it into your savings and transferred it to your checking?  If banks see that you deposit a check, transfer the funds over and withdraw it, they will put a hold on both places since you are still trying to use funds that havent cleared yet.  had you not transferred funds from the acct it was deposited in, there would only be one hold.