Banks hold SSI/SSD checks for 9 days?
 

I was checking around about getting a bank account now that I will be getting SSD. Well, my boyfriend told me that at his bank they said that all banks are required to hold SSD/SSI checks for 9 days before they can cash them or deposit the money into your account. Why is that? The money is guaranteed to be there more than any other check! So why social security checks? Do they hold direct deposits from social security too for 9 days? Isn't there anywhere that cashes them for a fee? (like a check that may be from $2000 to $10000)?

Thanks ahead of time. I know it will be a very long time before mine or my son's back pay comes & I have plenty of time (months and months) but I am checking now.

there is no hold on direct deposit in my case and as far as i know in general.

I've heard of a hold being placed on a deposit of a personal check but never a government check or direct deposit. Once the money is deposited you should have full use of it. I'd check with my bank to see what their policy is.

Hi,

The bank has never held my checks and now I have direct deposit the money is there no waiting for 9 days.

Kate

Thanks for the replies. My boyfriend said that the bank where he goes to US Bank, said that and they have a list at the window of checks to hold for 9 days and one is Social Security, they said it says something like, "US Dept of Treasury". I just don't get it. I will call around to other banks. Thanks. If you have any additional information that would be appreciated too.

My SSD check has been direct-deposited at several different banks over way too many years to count. Never a problem. Maybe it has to do with direct-deposit?

banks
 

I would check around. We got our 3 daughter's backpay last week. All were around 4,500 and we took it out the same day. I hope to do the same when mine is placed in there.