Anybody have a connection with Bank Atlantic? I have a guy bringing me a Check Written Directly from USAA Bank to me, Bank Atlantic Wants to Hold the Check for 6 days Before verifying the funds, this is a dea breaker. Do I have any options? USAA wont wire transferr,
Pretty standard with any bank to hold funds for 5-10 for anything over $5k. USAA does do wire transfers, because I have done them with them before, they charge like $25 to do one, not a big deal.
USAA will do a wire transfer. Did it on my last boat and it was very quick and everybody in the deal was happy.
USAA will wire, and will accept wire. They are prabably the easiest and most reliable bank there is to work with.
The reason the guy is bringing you a check is likely because he was pre-approved on a loan for a purchase up to a certain amount. They issue the check, then he fills in the amount (anything up to or less than what he was approved for) and gives it to you. Your bank holds it till it clears just like any check. Once it clears, his loan is active.
Last edited by BowenCT; 10-25-2010 at 08:09 PM. Reason: typo
Bank Atlantic's specific policy:
This is standard for most banks. If you're a long-time customer in good standing with the bank, ask to speak with a branch manager and have them help you with the deposit. Ask them to confirm the check and once confirmed, provide 1 or 2 day availability of funds.Funds from deposits of cash, wire transfers, and the first $5,000 of
a dayís total deposits of cashierís, certified, tellerís, travelerís,
and federal, state and local government checks will be available
on the first (1) business day after the day of your deposit if the
deposit meets certain conditions. (For example, the checks must
be payable to you and you may have to use a special deposit slip).
The excess over $5,000 will generally be available on the sixth (6)
business day after the day of your deposit.
ē All other check deposits will be available on the sixth (6) business
day after the day of your deposit.
If it's a pre-approved deal as already said, USAA is using that check as your buyer's initial agreement to the loan. That might be why they won't do a wire.
just open account at usaa and funds are available right away.presto problems s olved.lol
I have been with USAA for years now and they are one of the easiest banks to work with. As stated they do wire transfers and accept them.
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