Do Banks Hang on to Big Transfer Amounts?

[Denis]

Is this normal banking practice? We are paid three bank transfers every month from Germany. One is usually about £2k, the second about £3k and the third about £30k.

They are all initiated at exactly the same time, but the biggest almost always hits our account 2 days after the first two. In other words, the bank hold on to the money and bag the interest for themselves for 48 hours.

Is this normal? Is there a threshold beyond which they decide to grab some interest and delay the payment?

I have complained twice but it still happens, and frankly I am getting pretty annoyed about it. Any input is welcome.

[ozelegend]

You might find its related to anti money laundering rules that the bank has. During university I worked in a bank's compliance department and they monitor accounts according to a set of rules. eg. any amount of 10k is scrutinised. Also, amounts that are not consistent with other transactions in the account raise red flags. If account behaviour doesn't conform to their security rules, they may put a hold on transactions until further investigation.

Interesting note: the 911 bombers transferred cash to America in small denominations (<5k) to avoid being detected by these security flags.

[KennethPaxton]

If you have ever tried to deposit a large cheque at the bank then you have to run into issue to hold up. One cab be frustrate by this problem, the money that you will deposit is not credited to the bank right away and must go through some central clearhouse to the bank.

[HassleFreeAdvances.com]

They often do (especially the smaller banks), but it depends on a few things:
1) What is YOUR BANK's history with the TRANSFERRING Bank. In other words, if they exchange quite a bit, they are not likely to put a hold on the funds.
2) Is this a new transaction for YOU? In other words, have you been receiving the same type transfer (from the same source) for a while? If not, they may put a hold on the funds.
3) Is the amount unusually high... for YOUR BANK or for YOU. If so, this could end up resulting in a hold.

But your bank should be able to quickly tell you exactly WHY they are holding the funds, and exactly how/when they will release them. It wouldn't be unusual for them to release the funds over the course of a few days.

[anggelina69]

As the name implies, a fixed interest rate is an interest rate that does not change during the credit period. Generally, these interest rates are clearly stated in the credit agreement that the interest rate will not change until the end of the credit period. For example if the loan interest rate is set between the bank and the customer is 10%, then throughout the credit installment period the interest calculation is based on the interest rate of 10%.

[rebeccasexy]

This is possible because there are differences in the treatment of dividends in return for capital compared to interest in return for debt in relation to the calculation of taxable income. Dividends are not expenses so they cannot be deducted from taxable income, unlike the cost of loans or interest.

[kevvinQ]

Sometimes banks ask you for too much, even for information that they do not need.

If you have other options to earn money - you should avoid banks, I think.

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[speeduser]

I don't think so. If it is a transaction, I think they don't have any right in holding it. - Green Water Technologies

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