Bank Of America/ Large banks

[Travis]

So like many of you I have received the ddd of the 30th after being accepted on the 20th. I am a lead teller at BOA and from what I’ve seen and questions I’ve answered including asking my GM, banks can’t hold your deposit for your federal taxes soon as your bank sees it then it would be deposited the next filing day at the latest. But most banks, including BOA release funds soon as we get them. The longer wait process is to pay other Fees you had. Sbbt will first get your refund, after they receive it they will verify all your fees are paid and will be released. This can take from an hour to the next day for sbbt. My DDd is the 30th, but my boss said to expect it the morning of the 29th or around 2 am the 30th. Hope this helps.

[Hersheys1974]

I just talked to my local bank (Nevada State Bank) and the teller informed me that he couldn’t see anything pending but that the banks general policy is to not hold onto any deposits etc. He said their system updates through the day. He said he thought that if it came in after 4:30 p.m., then it might not go through till next morning. He was new so I think the last part was regarding ATM deposits lol. He asked a supervisor about the banks policy though lol. I am just going to keep checking my bank account for incoming money. I think it is interesting though that the wording on the ddd says “by” Jan 30th.

[mxmeac]

Oh yeah – most of your major banks goes through the federal reserve for ACH’s but companies like Greendot or NetSpend go though another clearing house company called The Clearing House Payments Co. LLC…so if you see your deposit earlier, it because it didn’t go through the Federal Reserve but instead went through this company who doesn’t tend to hold the money.

[mxmeac]

It is not the bank that holds your funds either – it is actually the federal reserve (the fiscal agent of the US Treasury) who is making all the interest off of the money and holding it. The IRS doesn’t send the money directly to the banks. All wired funds in the U.S has to go through the federal reserve Automated Clearing House (ACH) and they are the ones to verify the deposit and distribute to the correct banks. By federal law, once a bank receives the wired funds, they must make it become available by the following business day because only the FEDERAL RESERVE can make money off you for doing absolutely nothing …. HAHA – what the tellers are seeing is notification from the Federal Reserve stating when the money will wire.

[Aaron]

I know that Wells Fargo, BOA, US Bank, Chase… etc… they all can see a deposit from the IRS to our accounts and they hold them. I’ve had it happen the last 3 years. I think its a crime they are making interest off of it while it’s in a “warehouse” account. What a joke. The big banks will do whatever they can to make a penny off of you.

[Anonymous]

Dhaley I honestly think the rep just told you what you want to hear because you told them your ddd. Try calling later and not mention your ddd and just ask if any pending deposits with the amount.

[dkhaley97]

@Helm1991 I did! I told her I got a ddd of 1/30 and asked did they put holds on them or will it go in sooner than the 30th. She pulled up the account and said she seen it.

[Anonymous]

Honestly it sounds like she might of just said that to make you happy. Did you tell the rep that your ddd is the 30th?

[dkhaley97]

@Helm1991 I hope you’re right! She was really nice but I wondered how she could see it too and it not be going in sooner. I chuckled when she said “warehouse”

[Anonymous]

Dkhaley. If your banker can see a pending deposit it will be deposited within 24 hours.

[dkhaley97]

Just got off the phone with SunTrust. She said she already sees a deposit coming in on the 30th from the IRS that it was “sitting in the warehouse waiting until the 30th” lol. Sounds like a hold to me :/

[Travis]

Under Regulation CC, banks must make the first $5,000 of any US Treasury check/deposit available to you no later than the beginning of the next business day. They may place a hold of up to 5 days on the excess though most banks don’t enforce that any more.

[aaron]

I have a hard time believing that banks don’t hold it. Why do Netspend card users have it already in their accounts? Because they gain no interest holding their money. Think about the millions being deposited in the last 24 hours. A big bank like Wells Fargo will have millions upon millions of dollars hit their account today to transfer to ours. That’s a lot of interest to earn even for one day. It’s funny how when I had a small local bank a few years ago it was instantly deposited but since I’ve been with Wells Fargo it takes days after Netspend and other people have their deposits. Just sayin

[Travis]

Correct, banks itself won’t hold your funds when they see the deposit. People continue to think that banks will hold onto it for 3 days or so for the bank to gain interest. The only part or company that holds it is sbbt. Once sbbt sends after it has approved all fees are paid it will be in your account within 24 hours. If you see your info on the sbbt website you should expect your deposit within 24 hours.

[NYCteachermom]

This is amazing information. So your saying we could have it anytine from tomorrow to Friday but we will get no wait time as long as it is deposited by the end of the day

[Author]

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