[silverleaf]

perhaps a banker will weigh into this discussion about the financial reporting provisions of the Patriot Act and the Bank Secrey Act- both of which levied reporting requirements on banks and led to special treatment of withdrawals in excess of $10,000

It is not something a bank would lobby for- having to profile customers and collect and report information to the US Govt

There are new (since 9-11) rules about banking transactions in excess of $10,000, including those by customers for whom such large transactions are out of their normal profile.

I have been through this several times when depositing large checks. Banks do have some flexibility in developing their own policies in how to comply with the federal laws and acts. Soemtimes we dont find out what they are until we experience them. If we don’t like them, if we think the holds are excessive, we change banks.

But few of us who aren’t normally high rollers are going to walk into any bank and cash two checks for $100K and walk out. The credit union that did this- might seem like nice guys- but maybe they should be questioned by shareholders for making rules by the seat of their pants.

It is curious that pointing this out has led to me being called a bullshitter and otherwise reviled

[savedbygrace]

AFAIK, the law allowing banks to hold funds deposited from certain classes of checks was NOT either of the two laws you cite.

If I’m wrong, I’ll certainly apologize.

[savedbygrace]

Here’s the law:

http://www.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00004002——000-.html

Assuming the two checks were drawn on federal or State accounts, the funds should have been made available on the next business day after the day of deposit.

[CDHart]

I don't understand why anyone would want to cash checks of that size anyway. It would make more sense to do a wire transfer to wherever you wanted the money to end up rather than carry around cash.

Carolyn