I should have freaking known better

Last year I opened an acct w/ wamu so that I could have a local bank in addition to the bank that is a farther distance from me. Really, I had paper checks to deposit at the time & didn't want to have to drive 50 miles to deposit them. Turns out wamu -entirely legally- can place a hold on my deposits. Case in point, my tax payment $ which I deposited -1/2 of which I could access 7 days later. The remaining 1/2 I couldn't touch until 15 days after deposit. Crazy, huh? Entirely legal. What I don't understand is that the check, I'm sure, cleared after the initial 7 days. The whole amount, that is. A check wouldn't clear half at a time. In essence, wamu (& other banks, most likely) can hold onto my money, make a little interest (yes, the gaining interest conspiracy theory again. This one is not far off the mark, though, is it?) and THEN release my money for my own use.

I had totally forgotten about the Check 21 Amendment that allows personal checks to clear electronically, almost instantly. However, consumers' deposits remain mired in the past without the same benefit. What goes on in the mind of a lawmaker is beyond me. I mean, how is this even a good idea, let alone a just action.

The consequence, my tax check was returned unpaid (it was presented on the 13th day) & now I have to deal with that rat's nest. What a crock.

While doing a little online research into the topic, however, I did find several sites dedicated just to complaints about wamu & just as many published articles alluding to the same. Needless to say, I am taking my $ to my trusted other bank with whom I've not had the same problem and I am closing the wamu acct entirely. So I might have to drive a bit. It's well worth the gas & time for peace of mind.