Banks don’t trust banks

I’ve read my contract. It’s there in print and it’s very clear. From the time the inspector OKs the financial draw for construction completed, it’s supposed to be four business days to me having check in hand. So far, the first draw took nearly two weeks before I saw the check. A week ago Thursday we got the inspector’s OK for the draw check to be issued and I called the mortgage company on Wednesday to ask about the check that had not arrived yet. They replied that they were mailing it out that day.

The check arrived Thursday morning. Troy was very glad as it meant he soon could proceed with buying the shingles. As both of our names are on the check, he dropped by work for me to co-sign on his way to the bank. Moments later the phone rang. It was Troy. Bank of the West would not allow the check to be deposited without my fingerprint. What on earth???

At least they are close by.  I popped out of my office chair and very literally ran to the bank arriving while Troy was still standing at the counter. Immediately they asked for my I.D.

Huh?? You said fingerprint. I brought my fingerprints.You mean I have to run back to the office, get my wallet, and run back to the bank again?

Fortunately the bank President who had waved and said, “Hey Brenda” as I came through the door vouched for me. They put my inked fingerprint on the check.

Then, they announced that the funds from this check–a check issued from either Eagle Home Mortgage or from U.S. Bank–would be held– $2,000 of the amount for two days and the rest of the amount for seven days before any of the funds would be available. What!?! It did no good to point out it was a bank’s issued check, not a private check from Bubba-Joe Smith.

Troy began his math to see if he could time the purchase of shingles with the release of the funds to allow him to get shingles on the roof before the forecast Friday afternoon rain. It’s Friday morning now… it remains to be seen if my roof gets covered before the rains arrive. The clouds are building.

That evening the news report hit: more than a handful of major banks were just downgraded for their over-extension of funds and stability. And I think maybe, just maybe, it is precisely because the check was from a fellow bank that Bank of the West doesn’t trust the check and is holding the funds.