Wachovia Corp Complaint - Placing a hold on a cashier's check?
I received a company check in the amount of $25,000, drawn on SunTrust Bank. I know from past (unfortunate) experience that Wachovia will put a 10-day hold on these funds because of the size of the check - even though they clear the check in a day, and will bounce checks you have written in the meantime (to the tune of several hundred dollars in bounced check charges, in my case). This time I tried to be smart about it. I went to SunTrust and told them, "I could cash this check, but would rather not carry around $25,000 in cash. Is there another alternative" They said that, even though I don't have an account with them, they could give me a cashier's check (good as cash) for a $20 charge. I didn't want to have to pay the charge, but I agreed, thinking it was the easiest way to avoid a 10-day hold. However, after bringing the check across the street to Wachovia, they informed me that I would still have a 2-day hold on the check. I thought the purpose of the cashier's check was that it was good and immediate funds! So instead of doing both banks a favor, I could have forced SunTrust to count out $25,000 in cash, and forced Wachovia to count out $25,000 in cash, saved $20, and not had a hold placed. Next time I will do just that.