How long does it take a 3rd party check to clear using an ATM deposit and how much money can be...
Nix on investments but everything else is fair game!
Your question is really two separate questions: one about third-party checks and one about holds placed on ATM deposits.
Third-party checks are no longer negotiated by legitimate banking institutions. In 2005, the Patriot Act provisions were extended to cover these items in an attempt to further eliminate terrorist funding. Bank of America has not accepted third-party checks since that time. Because you used an ATM to make the deposit, the nature of the item was not immediately verified; a teller would have explained they could not accept it.
As to the length of holds placed on items in ATM deposits, there are a number of variables that are taken into consideration by the system: how old is the account; how large is the item are two main factors.
You state you waited 24 hours but you don't mention if the deposit was made on a business or non-business day, which would also make a difference. I'm sure the item was flagged by the issuing bank but, from what I can tell, the item never got that far into the process. As to the issuing banks' comments on what B of A should or should not have done or did or did not do, those are irrelevant as they have nothing to do with the internal workings of any bank but their own and to make those types of statements is incredibly unprofessional.
Unfortunately, money orders, unexpected checks -- basically, any kind of money that you have no reason to receive should always be suspect. Hopefully, your friend will be able to assist you with this situation since you were, in fact, doing him/her a favor.
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