When trial deposits bounce back

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Topic Author
Carno
Posts: 663
Joined: Sat Jun 02, 2018 4:54 pm

When trial deposits bounce back

Post by Carno »

I opened an account with bank A. I went to Bank B to establish an external link to Bank A. They sent out 2 trial deposits to my account at Bank A. Meanwhile I found out my account at Bank A was put on a hold (frozen, locked) because a check I deposited into this account must clear and it could take up to 15 business days (their policy)! The 2 trial deposits from Bank B will bounce back, I expect, because the target account is locked and no activities are allowed. My question is this: Will the bounced-back trial deposits cause issues at Bank B for me (because the target account is locked) in any shape or form?
RubyTuesday
Posts: 2241
Joined: Fri Oct 19, 2012 11:24 am

Re: When trial deposits bounce back

Post by RubyTuesday »

Carno wrote: Sat Jul 02, 2022 7:00 pm I opened an account with bank A. I went to Bank B to establish an external link to Bank A. They sent out 2 trial deposits to my account at Bank A. Meanwhile I found out my account at Bank A was put on a hold (frozen, locked) because a check I deposited into this account must clear and it could take up to 15 business days (their policy)! The 2 trial deposits from Bank B will bounce back, I expect, because the target account is locked and no activities are allowed. My question is this: Will the bounced-back trial deposits cause issues at Bank B for me (because the target account is locked) in any shape or form?
I’ve never heard of an account being locked against deposits, but maybe… I suspect it will all work out fine.
“Doing nothing is better than being busy doing nothing.” – Lao Tzu
Topic Author
Carno
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Joined: Sat Jun 02, 2018 4:54 pm

Re: When trial deposits bounce back

Post by Carno »

RubyTuesday wrote: Sat Jul 02, 2022 7:02 pm
Carno wrote: Sat Jul 02, 2022 7:00 pm I opened an account with bank A. I went to Bank B to establish an external link to Bank A. They sent out 2 trial deposits to my account at Bank A. Meanwhile I found out my account at Bank A was put on a hold (frozen, locked) because a check I deposited into this account must clear and it could take up to 15 business days (their policy)! The 2 trial deposits from Bank B will bounce back, I expect, because the target account is locked and no activities are allowed. My question is this: Will the bounced-back trial deposits cause issues at Bank B for me (because the target account is locked) in any shape or form?
I’ve never heard of an account being locked against deposits, but maybe… I suspect it will all work out fine.
Which account are you referring to? Account at Bank A or Bank B? And what do you mean by "locked against deposits"?
HomeStretch
Posts: 11415
Joined: Thu Dec 27, 2018 2:06 pm

Re: When trial deposits bounce back

Post by HomeStretch »

Are you sure your account is on hold for all types of transactions due to an uncleared check?

It’s common practice for a bank to put a hold on recently-deposited funds (such as your check) until they clear, meaning you can’t withdraw or transfer the uncleared funds until the hold is released. But usually all other banking activity is allowed - deposits, withdrawal of funds above the uncleared amount, etc.

Edit - just be patient, you will know in 1-2 business days whether the trial deposits were made or rejected.
Last edited by HomeStretch on Sat Jul 02, 2022 7:35 pm, edited 1 time in total.
Silk McCue
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Joined: Thu Feb 25, 2016 6:11 pm

Re: When trial deposits bounce back

Post by Silk McCue »

I don’t believe the bank can lock your account due to a large deposit. They could however make the large deposit unavailable for a period of time.

Cheers
Last edited by Silk McCue on Sat Jul 02, 2022 7:36 pm, edited 1 time in total.
RubyTuesday
Posts: 2241
Joined: Fri Oct 19, 2012 11:24 am

Re: When trial deposits bounce back

Post by RubyTuesday »

Carno wrote: Sat Jul 02, 2022 7:13 pm
RubyTuesday wrote: Sat Jul 02, 2022 7:02 pm
Carno wrote: Sat Jul 02, 2022 7:00 pm I opened an account with bank A. I went to Bank B to establish an external link to Bank A. They sent out 2 trial deposits to my account at Bank A. Meanwhile I found out my account at Bank A was put on a hold (frozen, locked) because a check I deposited into this account must clear and it could take up to 15 business days (their policy)! The 2 trial deposits from Bank B will bounce back, I expect, because the target account is locked and no activities are allowed. My question is this: Will the bounced-back trial deposits cause issues at Bank B for me (because the target account is locked) in any shape or form?
I’ve never heard of an account being locked against deposits, but maybe… I suspect it will all work out fine.
Which account are you referring to? Account at Bank A or Bank B? And what do you mean by "locked against deposits"?
You said your account A was “put on hold (frozen/locked” and “target account is locked and no activities are allowed.”

I’ve never heard of an account being locked against all activities, including deposits.
“Doing nothing is better than being busy doing nothing.” – Lao Tzu
Topic Author
Carno
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Joined: Sat Jun 02, 2018 4:54 pm

Re: When trial deposits bounce back

Post by Carno »

Silk McCue wrote: Sat Jul 02, 2022 7:28 pm I don’t believe the bank can lock your account due to a large deposit. They could however make the $15k unavailable for a period of time.

Cheers
This is Citibank (new Business Checking Account) and my funding deposit check was for $10K. I had to call their Fraud and Security Team and they told me the account is locked until they make sure the check is not returned (10-15 business days hold time). No activity including deposits are allowed in the meantime.
MrJedi
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Re: When trial deposits bounce back

Post by MrJedi »

I'm guessing you'll need to at least redo the test deposits.
Topic Author
Carno
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Joined: Sat Jun 02, 2018 4:54 pm

Re: When trial deposits bounce back

Post by Carno »

MrJedi wrote: Sat Jul 02, 2022 8:04 pm I'm guessing you'll need to at least redo the test deposits.
Yes, I can delete the added Citibank at Bank B and add it again. But my question is: will the bounced-back trial deposits have any bad effects on my account at Bank B (not Citibank) who sent out the trial deposits to Citibank?
Silk McCue
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Joined: Thu Feb 25, 2016 6:11 pm

Re: When trial deposits bounce back

Post by Silk McCue »

Carno wrote: Sat Jul 02, 2022 8:11 pm
MrJedi wrote: Sat Jul 02, 2022 8:04 pm I'm guessing you'll need to at least redo the test deposits.
Yes, I can delete the added Citibank at Bank B and add it again. But my question is: will the bounced-back trial deposits have any bad effects on my account at Bank B (not Citibank) who sent out the trial deposits to Citibank?
Have you actually seen the trial deposits blocked? I just find that unlikely. That would be one screwed up bank I would not do business with.

Cheers
Topic Author
Carno
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Joined: Sat Jun 02, 2018 4:54 pm

Re: When trial deposits bounce back

Post by Carno »

Silk McCue wrote: Sat Jul 02, 2022 8:35 pm
Carno wrote: Sat Jul 02, 2022 8:11 pm
MrJedi wrote: Sat Jul 02, 2022 8:04 pm I'm guessing you'll need to at least redo the test deposits.
Yes, I can delete the added Citibank at Bank B and add it again. But my question is: will the bounced-back trial deposits have any bad effects on my account at Bank B (not Citibank) who sent out the trial deposits to Citibank?
Have you actually seen the trial deposits blocked? I just find that unlikely. That would be one screwed up bank I would not do business with.

Cheers
When I started getting error messages right after I opened the account at Citibank, I called and they told me of the block on my account. They then transferred me to their Fraud & Security Team. After 1 hour on hold, I got someone overseas with a hardly audible voice. They asked me for my issuing bank phone number and what the purpose of the deposit was. They then put me on hold to call the bank to verify my check. Another 1 hour on hold. But the bank refused to disclose my information to Citibank (since Citibank is a third party). Citibank got back to me to have a 3-way conference call with my bank who issued the check. Another 1 hour on hold. Eventually, we got the conference call. But now the issuing bank still refuses to verify me in the presence of a Citibank representative (a third party). They can only verify me privately and not on a conference call. Now Citibank say I either have to go to a branch office and call the issuing bank to verify me privately and then hand over the receiver to the bank manager at the Citibank branch so that the issuing bank can inform him that I was verified, or wait 10-15 business days and then call back Citibank Fraud & Security Team to remove the account block/restriction over the phone without me going to a branch office.
GuyInFL
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Joined: Thu Aug 04, 2016 7:17 pm

Re: When trial deposits bounce back

Post by GuyInFL »

Carno wrote: Sat Jul 02, 2022 9:16 pm When I started getting error messages right after I opened the account at Citibank, I called and they told me of the block on my account. They then transferred me to their Fraud & Security Team. After 1 hour on hold, I got someone overseas with a hardly audible voice. They asked me for my issuing bank phone number and what the purpose of the deposit was. They then put me on hold to call the bank to verify my check. Another 1 hour on hold. But the bank refused to disclose my information to Citibank (since Citibank is a third party). Citibank got back to me to have a 3-way conference call with my bank who issued the check. Another 1 hour on hold. Eventually, we got the conference call. But now the issuing bank still refuses to verify me in the presence of a Citibank representative (a third party). They can only verify me privately and not on a conference call. Now Citibank say I either have to go to a branch office and call the issuing bank to verify me privately and then hand over the receiver to the bank manager at the Citibank branch so that the issuing bank can inform him that I was verified, or wait 10-15 business days and then call back Citibank Fraud & Security Team to remove the account block/restriction over the phone without me going to a branch office.
Wow!
Topic Author
Carno
Posts: 663
Joined: Sat Jun 02, 2018 4:54 pm

Re: When trial deposits bounce back

Post by Carno »

GuyInFL wrote: Sun Jul 03, 2022 6:21 am
Carno wrote: Sat Jul 02, 2022 9:16 pm When I started getting error messages right after I opened the account at Citibank, I called and they told me of the block on my account. They then transferred me to their Fraud & Security Team. After 1 hour on hold, I got someone overseas with a hardly audible voice. They asked me for my issuing bank phone number and what the purpose of the deposit was. They then put me on hold to call the bank to verify my check. Another 1 hour on hold. But the bank refused to disclose my information to Citibank (since Citibank is a third party). Citibank got back to me to have a 3-way conference call with my bank who issued the check. Another 1 hour on hold. Eventually, we got the conference call. But now the issuing bank still refuses to verify me in the presence of a Citibank representative (a third party). They can only verify me privately and not on a conference call. Now Citibank say I either have to go to a branch office and call the issuing bank to verify me privately and then hand over the receiver to the bank manager at the Citibank branch so that the issuing bank can inform him that I was verified, or wait 10-15 business days and then call back Citibank Fraud & Security Team to remove the account block/restriction over the phone without me going to a branch office.
Wow!
I emailed the banker who opened my account. He said he would see to it if he could contact the back office to remove the restriction earlier next week. If the restriction is not removed by the end of next week I will close the account once the restriction is removed "naturally" after 15 business days (!) to avoid any future headaches.
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