On 09/06/06 I sent an overnight deposit to the Crowley branch of the First Convenience Bank. I am a student out of state. It was my guarentee Student Loan Check to buy books, pay rent and buy groceries. Upon checking my balance online three days later I noticed that my balance showed the check deposited but the available amount was negative. I called the bank and they informed me that they placed a 7 day hold on the check until funds could be verified. (This is a federal check so I guess they were going to verify funds with the United States Government)
After much agravation I spoke with the assistant manager and she said she had to speak with her district manager to see if they could release the funds. Upon speaking with the district manager, Paula Web, Cindy, the assistant manager said they have a 15 day hold on the funds and they will not be released until the end of September. I had written checks off of the funds and now am over $400.00 in the whole from thier fees. Not to mention what fees I am going to encure from the people I wrote the checks to.
I asked Cindy to write me a letter telling me what law allowed them to place a hold on these funds, after speaking to Paula she said Paula would not allow her to do this but she could send me the pamplett that you get when you open the account.
I would like to warn students everywhere that banks are allowed to place a 15 day hold on your student loan funds so don't rely on it for your fees or books.
My college is working with me luckily I don't have to drop out.
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