Old National Bank Check clearing delay ripoff Fishers Indiana

It's probably a good thing you don't use a bank - period. For starters, the delay in making your money available is allowed by Federal Law; for deposits in excess of $5,000, they cannot make all of th emoney available to you. Technically, they make portions of it available to you, but based on your information - the law indicates they don't make the money available until 07/29/09.

When you take your $7600 to your next bank, you'll find the same hold and the same policy.......if you're going to be in business anyway, try learning something about banking - first.

Cashiers Checks are a major source of fraud. Unless you personally know and trust the person where the funds came from, be very careful. Because if the checks do come back as bad(and it can take 2-4 weeks sometimes), you are going to be held responsible. Because this is a new account, you may also be charged with Check Kiting, which is a type of Fraud. I am not saying that you are, just be sure before you spend any money.

As to the guidelines they are using. They are using the Federal Expedited Funds Availability Act, also known as Regulation CC. This is the same guidelines that all banks use. No matter what bank you went to, in this situation these checks would have been under the same holds.