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 > Ally financial Bank Issues.... Anybody else experience this?

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dougrainer

Carrolton, Texas

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Posted: 08/20/20 07:57pm Link  |  Quote  |  Print  |  Notify Moderator

Paying off a Bank note with a Cashiers Check will result in a 10 day hold. Both Chase and BofA have the same policy. Personal Check the same in regards to a deposit or Title pay off. All a Bank will do is state there are funds in the account, but will NOT gurantee that the Check will be honored until the 10 days have passed. Doug

delwhjr

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Posted: 08/20/20 08:04pm Link  |  Quote  |  Print  |  Notify Moderator

dougrainer wrote:

Paying off a Bank note with a Cashiers Check will result in a 10 day hold. Both Chase and BofA have the same policy. Personal Check the same in regards to a deposit or Title pay off. All a Bank will do is state there are funds in the account, but will NOT gurantee that the Check will be honored until the 10 days have passed. Doug


That's why I always do a wire transfer now. Instant posting and settlement.[emoticon]


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ArchHoagland

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Posted: 08/20/20 08:30pm Link  |  Quote  |  Print  |  Notify Moderator

Don't give anybody a dime until you see the title. Period.

Saw a $10,000 cashiers check bounce from a guy in the Philippines.


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Walaby

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Posted: 08/20/20 08:47pm Link  |  Quote  |  Print  |  Notify Moderator

I believe OP's frustration is compounded by the fact he's trying to arrange pickup and driving from SC to Georgia to pick up the rig. Saw earlier post about driving through Atlanta.

Trying to coordinate that, and still dealing with unknown dates from the bank, yeah, I would get frustrated too.

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RetiredRealtorRick

Gulf Shores, AL

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Posted: 08/21/20 06:19am Link  |  Quote  |  Print  |  Notify Moderator

Bumpyroad wrote:

it certainly is common for the lender to retain the title until "the check clears". show a little patience, and how did the phillipines get into this discussion?
bumpy


Because SO many companies have seen fit to outsource their 'customer service' departments, and they end up offshore.

As a side note, once I find out that a US company doesn't care enough to have US-based customer service, I fervently look for another company to do business with. When I do encounter a US-based customer service department, I always thank them for caring enough about their customers, and for caring enough to keep jobs in the US.


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way2roll

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Posted: 08/21/20 06:29am Link  |  Quote  |  Print  |  Notify Moderator

Reading through this thread and trying to figure out the actual issue. Banks have policies on hold times for title release. Not sure why a few days is a big deal, It's actually for everyone's protection. Banks offshore to Malaysia, the Philippines, India, Costa Rica etc, not only because it's cost effective (Us employees demand much higher wages) , but it also allows for broader support times during off hours as they are in different time zones.


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wapiticountry

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Posted: 08/21/20 10:23am Link  |  Quote  |  Print  |  Notify Moderator

Don't forget banks don't keep titles in someone's desk drawer. After the ten days someone will have to be notified that they need to retrieve the title, get someone with the authority to sign and likely notarize the Lein release, address and mail the title and only after the carrier delivers the package will the seller have the title in hand. All this needs to happen while employers are partially shut down and operating under COVID protocols. Three weeks is more likely than ten days.

covered wagon

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Posted: 08/21/20 10:46am Link  |  Quote  |  Print  |  Notify Moderator

I waited almost a year for my title from B of A. Got my attorney to send a letter. It must have been a brilliant letter cause I got it very soon afterward and the lien release signature was scribbled very large all across the page like they were none too happy.

RetiredRealtorRick

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Posted: 08/21/20 11:07am Link  |  Quote  |  Print  |  Notify Moderator

way2roll wrote:

Reading through this thread and trying to figure out the actual issue. Banks have policies on hold times for title release. Not sure why a few days is a big deal, It's actually for everyone's protection. Banks offshore to Malaysia, the Philippines, India, Costa Rica etc, not only because it's cost effective (Us employees demand much higher wages) , but it also allows for broader support times during off hours as they are in different time zones.


"Banks offshore to Malaysia, the Philippines, India, Costa Rica etc, not only because it's cost effective (Us employees demand much higher wages) , but it also allows for broader support times during off hours as they are in different time zones."

.....that may be the case, but if I can't understand who I'm speaking with and he or she can't understand me, it's kind of a moot point, don't you think?

thomasmnile

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Posted: 08/21/20 11:12am Link  |  Quote  |  Print  |  Notify Moderator

Paper titles are going the way of the dinosaur. Any vehicle title issued in Florida now is electronic, as well as finance liens. If you absolutely, positively gotta have a paper title, it can be yours for $85. When we sold our travel trailer on consignment, I asked the RV dealer sales manager was it necessary for me to provide a physical title. Her answer was no.

But the bank will still send you a satisfaction of lien notice.....

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