The money that might never be

[eveglass]

Since September or so, when my grandmother passed away, I'd been aware that I'd be getting a modest inheritance cheque, once all the paperwork had been taken care of. After a number of repetitions of "it's almost ready," I finally had the cheque in my hands on the 13th.


A few vignettes:

May 17, 2008:
*deposits GST return in bank's ATM -- I had promised this money to my mom, for various reasons*

May 27, 2008:
*goes to bank with Mom to withdraw money*
Me: Hi, I'm here to withdraw my money.
Teller: Oh, sorry. There's a hold on it until tomorrow.
Me: *boggles* Um... it was a government cheque!
Teller: Yeah, but the ATM doesn't know that. Next time, come to the teller and we won't put a hold on it.
Me: *grumbles* Fine.
*leaves bank, gets money a few days later*

June 10, 2008:
*phone call with my father*
Dad: So, the cheque's ready, but we've post-dated it to the 15th (a Sunday), to make sure the funds clear.

June 16, 2008:
*goes to bank to deposit the cheque*
*stands in line*
*looks at the cheque -- realizes it's post-dated to the 20th*
*leaves bank with cheque undeposited*

June 20, 2008:
*is a Friday, can't get to the bank before closing*

June 21-22, 2008:
*decides not to deposit the cheque to the ATM, because I don't want the hold like last time*
*waits*

June 23, 2008 (today):
*goes to bank to deposit inheritance money*
Me: Hi, I'm here to deposit this check.
Teller: Sure thing. There's going to be a 5-day hold on all but $200 of it, though.
Me: *boggles* But... last time they told me there wouldn't be a hold if I brought it to a teller!
Teller: That's for government cheques and paycheques only. Everything else gets a hold.
Me: *grumbles* Fine.
*leaves bank*


One of these days, I'll actually have access to this money, I'm sure. Grumble, grumble.

Comments

[urbangeo.livejournal.com]

That's 5 business days too. With the stat holidays, it might not clear until next Wednesday. If you've been with your bank for awhile you could try getting the amount they release right away increased to something higher than $200 or get overdraft added to your account.

On the flip side, you can do things at the ATM that you can't usually do with a teller. You can deposit an endorsed cheque made out to someone else into your account and it should go through without a problem. This can be useful if you have a friend that doesn't have cheque holds on their account and you need the cash right away.

[blueelf13.livejournal.com]

*should* go through is the key. They can refuse it if they feel like it and you are hosed.

But ya, the 5 business days is for pretty much everyone. I probably have a higher overdraft limit, but it's certainly not the whole cheque. I knew about the government and paycheque vrs. other cheques issue, it really sucks. Even a cheque from the SAME bank, from someone else had a hold on it, because they said it was an *unusual* transaction. It was money from my grandmother, which she gave all her grandkids every year, so as to avoid huge taxes on the inheritance after she died. It wasn't unusual, just not regular like a paycheque. Pain in the butt. I'm sorry this has slowed down getting your $. :(

[eveglass.livejournal.com]

It's all good. I'm not in particular need of the money; so long as I get it before Pennsic (late July), all will be well. And even if I don't, I have enough in my bank account that I can draw my Pennsic money from there.

It's just frustrating, is all.

[ryss-rhiannon.livejournal.com]

You can arrange to take off the holds on deposits under 1000$ I think. It may require a manager but it can be done.