Legal Question in Banking Law in Minnesota

Bank refusing to release funds
We deposited a 4000.00 check in our account. We have deposited much larger checks with no problem. However this time they put a hold on our account and are refusing to release any of our money including the money over and above the 4000.00 deposit. They never notified us in writing, it has been 8 days and still they won't let us have it. We can prove that the check had cleared our other account quite some time ago. They are also showing a discrepancy in the date of deposit. They show we made the deposit 2 days after we made it. We were able to prove that we made it on the 11th (non business day) and they told us oh well and walked away from the teller window. Can they legally hold funds without written notice? Can they refuse to release our funds over the deposit amount? Probably hard to prove after the fact. Thanks.

Asked on 2/20/07, 3:53 pm

David Anderson Anderson Business Law LLC

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Re: Bank refusing to release funds

Where is the Deposit Receipt?

Have the funds been released from the Payor's bank account?

Is this commercial acct?

I have 25 banking and creditor law experience.

Answered on 2/20/07, 4:43 pm

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