Home Equity Loan
Is it wrong for your bank to hold a check (for 15 days) to pay off part of your home equity line of credit?
I just deposited a $25K check from a well-known brokerage firm into my checking account at a well-known bank. I want to use that money to pay off part of my home equity line of credit balance at the same bank. I did this three months ago and it wasn't a problem. Nothing has changed on my end but now they want to hold the check for 15 days so I can't pay off part of my balance. This means I have to pay an unneeded $150 to them for the interest on that amount I'm not able to pay off yet. I've always seen checks cashed in 24 hours these days. Is this 15 day hold on money they already have unreasonable and should it be reported to the Better Business Bureau? Thanks.
Public Comments
- Some banks do that, check with a supervisor at the bank and if you do not get help then go to the BBB
- Yes in according to check law, it's true. good luck.
