Security Federal Investments

★☆☆☆☆
  • 1705 Whiskey Rd

    Aiken, SC 29801

    Map & Directions
  • 803-641-3000

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Having had my tax preparer electronically file my personal income tax forms with the direct checking account debit, it was necessary for me to make a checking account deposit to cover the IRS withdrawal from my checking account. So, 6 days in advance of the IRS withdrawal from my checking account I made a deposit to cover the withdrawal. Imagine my surprise when I was told that since it was a large deposit, the bank would have to put a hold on my checking account for 16 days. Obviously, the IRS would not be able to make the withdrawal because of the "hold" placed on the account. I explained the reason for the deposit and that numerous other deposits (checks from the same money market source) had been made in the past and the checks would clear in 2-3 days. But, even though the check might clear, the "hold" would still remain for the 16 days. It boils down to a situation where the bank has the money but won't release it because they have a policy in place. The person who claimed to be the Branch Manager got involved to the extent of reiterating the policy. No solutions to the problem were offered just, "I'm sorry, but that's the way we do it and it is for your protection." I don't expect the person who claimed to be the Branch Manager will offer to pay whatever penalty might be assessed as a result of the required funds being unavailable.

1
★☆☆☆☆

Having had my tax preparer electronically file my personal income tax forms with the direct checking account debit, it was necessary for me to make a checking account deposit to cover the IRS withdrawal from my checking account. So, 6 days in advance of the IRS withdrawal from my checking account I made a deposit to cover the withdrawal. Imagine my surprise when I was told that since it was a large deposit, the bank would have to put a hold on my checking account for 16 days. Obviously, the IRS would not be able to make the withdrawal because of the "hold" placed on the account. I explained the reason for the deposit and that numerous other deposits (checks from the same money market source) had been made in the past and the checks would clear in 2-3 days. But, even though the check might clear, the "hold" would still remain for the 16 days. It boils down to a situation where the bank has the money but won't release it because they have a policy in place. The person who claimed to be the Branch Manager got involved to the extent of reiterating the policy. No solutions to the problem were offered just, "I'm sorry, but that's the way we do it and it is for your protection." I don't expect the person who claimed to be the Branch Manager will offer to pay whatever penalty might be assessed as a result of the required funds being unavailable.

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