I deposited a check from a Title Company for the proceeds of the sale of my house. I was told that there would be an 11 business day hold, even though the authenticity of the check was not in question. After 6 business days I asked for the funds to be released and was refused. I became angry and used vulger language. The next day the manager called and announced that my account had been "frozen" including the money that had already cleared.
I cannot understand how this can be legal. I suspect it's the end of the month and they don't want to pay interest. If I had checks outstanding they would be bounced, no doubt.
I was angry and used bad language, but did not and would not threaten anyone. My anger was justified because they were depriving me of the opportunity cost of investing this money. They know exactly why they do it, it is a profit center, like bounced check charges. I calculate their hold amounted to ten about bounced check charges.
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