When it came time to deposit his paycheck, he went to his bank. Again, Mills says, he asked if his payroll check would be held. But two checks did bounce and Mills got zapped with two bounced-check fees. It took a couple of months of wrangling with NationsBank's customer service department before he got refunds for his two bounced-check fees. Federal law allows tougher policies Mills may have been the victim of poor customer service, but NationsBank had every right to hold his payroll check.
Federal law allows banks to have tougher availability policies for new customers.
Often, new checking account customers cannot access their cash as quickly as established customers can. The rules for accounts older than 30 days are set by the Expedited Funds Availability Act . Money from nonlocal checks, which are drawn from banks outside the federal processing region of the depositor's bank, must be made available to customers no later than five business days after the day of the deposit. For new customers, folks who have had a checking account with a bank for less than 30 days, those rules go out the window. It's up to the bank.