BB&T
Cashier's Check Held, Account Showed Nearly $4000 Negative

My husband deposited a cashier's check in the bank we have done business with for several years. After the deposit was taken, at 13:04 on 2/2/07, the cashier told my husband there would be a five-business-day hold on the first half of the money and an 11-business-day hold on the balance.

My husband asked why, because it was a cashier's check. She said it did not matter; it was FDIC policy to hold these checks over $5000.00. (I have been told by several people that this is not true.)

We were not happy with this info, as we had pending business waiting on some of this money, but we went on about our business. However, on Sunday, 2/4/07, we pulled into a gas station, inserted the bank card, and were denied authorization to buy gas!

I called the 1-800 number, and the recording had us almost $4000.00 in the negative!

When I got home, I went online, and sure enough, it showed we had a good bit of money under current balance (over $9000.00), however it showed almost $4000 negative as the available balance?!?!?!

I called the help number, and they had me on hold to look into my account. They came back and asked when it was deposited, and put me back on hold. When they came back, they could not help, but said we should go back to the bank Monday and ask them to release the money. I told him they were the ones that told us it would be held. Back on hold again, and then he said his supervisor said there was nothing they could do to help.

Now my $9000.00 is on hold, and my $140.00 is tied up because my account is showing a negative balance of almost $4000.00. I do not get paid for another week, and I need my $140 for gas!

And no one can help.

Is this truly a policy of the FDIC? If yes, why? I understand holding private checks of large amounts, but I do not understand holding a cashier's check.

Company: BB&T
Country: USA
State: South Carolina
City: Walterboro
Address: Robertson Blvd
Phone: 8435990009

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