Why won't my bank accept a bank draft (drawn on Scotiabank-CANADA) backed by Bankers Trust in Delaware. Is USD?I am an American who just moved back to the US a couple of months ago. When I opened my account, I presented them with a bank draft (USD) backed by Scotiabank and Bankers Trust - Delaware. They froze my funds for 7 business days. Now, my parents have come for a 3 - 6 mo. visit. My parents brought a check (same... | |
If I open a new bank account at Wells Fargo (local) and use a check drawn on Wachovia (local) they're going to put a 7 day hold on it, maybe a 21 day hold. I'd say you got off very lucky with only a 7 day hold. Bank drafts are not guaranteed to be cashed. The guarantee is from the issuing bank saying the money is good but the bank doing the cashing has no guarantee of that.
In the same situation as you, my bank would have placed a 21 day hold on the check. Even postal money orders get holds due to so many counterfeit checks out there being cashed by scam artists.
You're complaining about your bank but they really sound quite liberal from my point of view.
if you ask me, all these banks are doing is holding funds withdrawn from the banks the cheques are written on, and for a long as possible thereby earning interest on this massive account they have with cheques held prior to releasing the funds into the person's bank to whom the cheque was written in the first place.......keep in mind, millions of dollars in funds held by one bank for one week makes one hell of a lot of interest...FOR THE BANK!!! Millions of dollars are made by banks who charge incorrect service fees we NEVER QUESTION...a penny here, a dollar there all adds up over millions of accounts...
