Q: Can a bank put hold on your check you deposited saying possible fraud if you have cashed same check for last 9months
My bosses check cleared his account as always the next day,I'm not able to pay bills or get to work as I now have no gas money ,Iv called and called and my $ still not available.
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A: Banks are given broad authority to place holds on checks to ensure their authenticity, even if you have a history of depositing similar checks without issues. Factors like a sudden large amount, differences in the check's appearance, or any discrepancies in the information could flag the bank's fraud detection system, leading to a hold. Under U.S. Federal Reserve's Regulation CC, while banks typically have to make a portion of most check deposits available within one business day, they are allowed to hold funds longer, especially if they have suspicions of potential fraud. In your situation, where you're facing difficulties due to the hold, it's crucial to engage in a dialogue with your bank. Understanding their specific concerns and possibly having your employer vouch for the check's legitimacy might expedite the process.
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