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Great Collections
abethedragon
Posts: 8 ✭
Just took my Great Collections check to the bank for deposit. They put a hold on the check. Never had this before. Anybody else experience this?
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I recently e-deposited a check for ~ $13,000 from Great Collections at Schwab Bank. About 1/2 was available right away, 1/4 two days later and then the full amount another two days later. The exact same thing occured with a check for roughly the same amount from a different company. I was sufficiently interested so I called Schwab and they said this is indeed their intentional practice. So nothing to do with GC but just thought I'd share.
Casual collector: Morgans & Peace Dollars & 20th Century Type Set. Successful BST transactions with ProofCollection, Morgan13, CoinFinder, CoinHunter4, Bretsan.
this is a bank decision and not a GC issue. you want an answer, talk to your bank.
My Walmart delivery came via FedEx. My new shirts are on backorder. Has anyone else had this problem with FedEx?
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This can happen. It must be a good size check.
You have no worries though. GC's checks are as good as gold.
Its your bank that put the hold so you should change your title to "bank hold" because GC has nothing to do with it.
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All banks do that with larger checks. Give it a few days and it will clear no problem. GC checks are good as gold.
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Haven't experienced this but they certainly put holds my funds before shipping items I have purchased from them. I do direct bank wires to save the additional 2.5% BP and sometimes they hold up to a week. Been told multiple times I was cleared from delay up to $XXXXXXX but still seems to happen from time to time. And since the derailers brought FedEx into your thread, I'll say I also dislike having to be forced to select FedEx as the carrier for anything over $10K. FedEx is absolutely terrible in my locale. Is what it is I guess, I just factor it in as a cost of doing business. RGDS!
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Maybe it's just a "humble brag" on the part of the OP.
Large checks get held for clearance by the bank.
To the OP I say "congratulations".
I have not had this happen, but it sounds like it might be a bank issue and not a great collections issue
It's always a bank choice. If the bank knew the financial condition of GC, they'd either clear it or reject it.
All comments reflect the opinion of the author, even when irrefutably accurate.
Does not have any thing to do with GC's check, its your account, and your bank. Your history, amount of routinely available funds, etc.
I get this all the time with customers who come in with collections, they always tell me theyll put hold on the check, I say take across the street to my bank and cash it, then take the cash to yours, Now , I understand this wont help in your situation becuase the firm selling for you is not local. Not GC, but one or two of the other firms I sell too , send ach directly to bank.
but in my case in all honesty , i can deposit a 6 figure check and its credited at midnight. Been banking at my firm for 20 + years.
I have a relationship with my bank. I had a six figure inheritance check deposited and the clerk told me there would be a 10 day hold. I knew he was just doing his job. I walked over the the senior VP, had a conversation and the money was available to me the next day. We are friends and he knows my net worth. Just another pleasant conversation with a fellow Rotarian.
um, did you ask your bank what their hold policy is? Not sure the geniuses on this forum are a better source of information.
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It’s a bank decision and is very common especially with large values and/or out of state. It says nothing about the check itself. Thank your bank.
I doubt that Great Collections as the source of a check would have anything to do with hold status. Whenever I deposit a check for > $5000, there's always some varying amount that gets put "on hold".
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Preferences like banks are a highly individual thing. If you go to the issuer's bank to cash the check, and you're a non-customer, they can certainly verify the check but may not be willing to cash it for a non-customer. For example, a while back I sold three cords of firewood to a customer that gave me a check drawn on Chase. I went to their bank to cash the check, gave them my driver's i.d.. 20 minutes later they handed it back to me telling me they don't cash checks for non-customers. The teller probably filed a "suspicious activity report" on me looking to get a fink's "finder's fee". Of course if you deposit the check in your account it may take a few days for it to clear. There are cases of charge backs on checks a long time later which can be scary. Major auction companies probably have the most user-friendly banks and you'd think their funds are always good.
Is the hold a problem?
I picked this up from GC - one of my favorites!
No paper checks were involved.
Yeah, it’s the bank, not GC.
One bank I use will put a hold ( up to 2 weeks) on a certified check!
If you have a good relationship with the bank, explain to the teller you can’t deal with a hold and they’ll probably call the head teller to override.
>
Today, basically any check in the US will clear overnight, two at the very most. But if a big bank places a hold on your $1000 check ( for example) and thousands more across the country, start computing the ST interest they’re earning on that ‘hold’ money!
And it’s not going in your account!😆
If we round off the fractions of a cent and deposit them to our account, no one will be the wiser ...
In the interest of fair play and transparency, it is truly only that way when threads/posts are nonsensical in nature and completely void of useful content.
The value of this hobby is the hobby, not the value.
When I deposit checks at Wells Fargo, I was told that they run the check through their system and the computer decides if a hold is necessary, presumably based on the routing and account numbers.