Banks putting a hold on your cheques

Discussion in 'Lawn Mowing' started by alpine692003, Dec 16, 2004.

  1. alpine692003

    alpine692003 LawnSite Bronze Member
    Posts: 1,502

    ARghhhhhhhhh :angry: :angry:

    After all these transactions and months of service, yesterday was my 1st time having a cheque that was put on hold.. $1400 ...

    I called the business telephone and told them of my situation, said they couldnt do anything. I told them other banks have released funds up to $900 right on the spot and I had no problems..


    I think I am going to take my business to another bank!!! :realmad:
     
  2. naturescaretaker

    naturescaretaker LawnSite Senior Member
    Posts: 850


    Once you bank with your bank long enough they won't hold them.
     
  3. YardPro

    YardPro LawnSite Gold Member
    Posts: 3,564

    tell them with the new electronic check system there is no reason to hold the check unless they are trying to just make a few days interest on it, and if that's the case you'll take your business to another institution.
     
  4. richard coffman

    richard coffman LawnSite Senior Member
    Posts: 341

    Have you thought about going to credit card payments?? I've been looking this rout but don't know how it's worked for other LCO's.
     
  5. YardPro

    YardPro LawnSite Gold Member
    Posts: 3,564

    generally the processing companies get anywhere from 4-6%
     
  6. naturescaretaker

    naturescaretaker LawnSite Senior Member
    Posts: 850


    We pay 1.9% plus $0.35 per transaction through QuickBooks/Intuit.
     
  7. alpine692003

    alpine692003 LawnSite Bronze Member
    Posts: 1,502

    Its a 5 day hold on cheques they said..

    They said they need to hold the cheque because they need to know the cheques are verified and then they can release the funds..

    ;) ;)
     
  8. rodfather

    rodfather LawnSite Fanatic
    Posts: 9,501

    Maybe Canada does things differently than the US...dunno?
     
  9. alpine692003

    alpine692003 LawnSite Bronze Member
    Posts: 1,502

    obviously :cry: :cry:
     
  10. mtdman

    mtdman LawnSite Gold Member
    Posts: 3,137

    Even though I've been with my bank for 8 years, and even with the new check laws, my bank doesn't release funds to me for 2 days for a local check, 5 days for an out of town check.

    :D
     

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