Yes, I think this is the sort of circumstance where a push might start to seem suspicious to an algorithm. When money comes in from one account and then quickly out to another account, that starts to look like money that is being moved quickly between accounts before an initial fraudulent transaction is caught (almost like money laundering). By the time the fraud is recognized, the money has moved on several steps and can't be clawed back anymore.My credit union used to make deposits available immediately. After the shenanigans that have been going on with widespread check fraud, they flagged a push TO Fidelity after an ACH deposit to the CU from another bank. I couldn't get a straight answer as to what the problem was, but dropped into my local branch and got them to call the CU fraud folks and got it straightened out. It's not just Fidelity that's been affected.
My credit union account makes deposits available within a day or two.
So if someone is engaging in these sorts of movements a lot (and not using their checking/CMA account for any other more quotidian purpose--bill pay, check writing), a bank or Fidelity might start to look at money pushed into an account more suspiciously and want to hold it longer. Even if the bank/Fidelity is not on the hook for money pushed into the account, in the same way they are for money pulled into the account, they may still want to be a good citizen in the world of financial services and help their peer institutions shut down suspicious activity. Just because the banks don't seem to care about inconveniencing their customers that much, it doesn't mean they don't have some interest in cooperating with each other.
Statistics: Posted by cb474 — Wed Oct 23, 2024 1:15 am — Replies 732 — Views 46649