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USAA - Check Deposit and Credit Card Holds they say per the Federal Government

Complaint
Review by Georgiafire1 on 2012-10-20
Rating: StarStarStarStarEmpty Star
SAN ANTONIO, TEXAS -- They have randomly this year held my credit card deposit for 7 days drawn off USAA Banking. When asked they said the Federal Government makes them hold it. Also, I am kind of freaking hereing they are holding deposits especially from instate banks and other member. Again it the Federal Govenment making them hold. Not sure about this one. Seems to me stealing your money and drawing interest.
Comments:
Posted by trmn8r on 2012-10-20:
Banks do place holds on funds in certain circumstances. It's pretty hard to tell without more details if it wasn't proper.

I would imagine that if a bank did this routinely and without cause, they would probably be caught in the act fairly quickly.
Posted by tnchuck100 on 2012-10-20:
The federal government does not REQUIRE holds, they ALLOW it. So, in that respect USAA has lied to their customer.

I agree, more information would be needed to make a call on this one.
Posted by madconsumer on 2012-10-20:
if the depsoit is over a certain amount, the bank may hold it until it is reported to the irs.
Posted by jonthethird on 2012-10-21:
My bank has a rule to hold any check over $5000 for 10 days. However, as I have been doing business with them for over 10 years, have never had a check returned, maintain an average balance in excess, they override the rule

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