Most banks....if you were handing them a check like this ($13k)...they might have agreed to hand $130 (if you were a long-term client) and told you to come back in 72 hours.
I can remember back in the 1980s....some US bank I was dealing with...telling me I had ten days before I could touch my money.
This is one of my pet peeves. It is a scam, if Walmart can run a check through a scanner and get their funds transferred immediately so can a bank. Back in the day they had to wait for the mail, now clearing, approval, and transfer is instant.
I just recently went through this with opening a new account at a different bank with a check from myself to myself. She told me the funds were not going to be available for 3 days. I told her BS, then I will go somewhere else. She told me to hold and went and ran the check. Done and cleared 2 minutes later and they had the funds in my account and available.
It is an ancient “control” practice scam that needs to be corrected, don’t put up with it. It was originally to protect the person who wrote the check to make sure it was not a stolen fraudulent check. Handwriting, signature verification etc. And this used to take time because of the mail, now they run it through a scanner and the software detects any anomalies immediately and approves it immediately.
That’s not how it works anymore, at least not at JP Morgan Chase. There is an algorithm out there somewhere, which uses data from the check and probably other data it has stored that it relates to the data on the check and makes a decision that the teller has no part in, cannot overrule, probably has no clue how it works, and therefore cannot explain.
I have gotten full access for substantial checks in excess of $10,000.00 drawn at a different bank “immediately”, meaning the next business day. There is no legitimate reason for a 10 day hold, and wasn’t even in the 1980s unless you are dealing with a foreign check, and even then, 10 days was about the outside limit. Your bank was cheating you.
I refinanced my home in the ‘00s and deposited the check from Safeco (a title guaranty company).
It was over their limit of $25,000 so they put a 10 business day hold on it. From Safeco. To a 10+ year client of the bank.
It took a bit but they released $5,000 immediately and the rest was released within a few days.
Having seen the fraud that goes on in banking I certainly understood why they put a hold on it, even though they released it before the full 10 days was complete.
Was certainly jarring considering the circumstances.
That was ten business days.
In 1986 I almost beat a bank manager who told me I had to wait 10 days for a cashier's check to clear.