I am a business owner with 2 employees, one using SunTrust bank and the other Aspiration or Radius. I did my payroll as I usually do and sent out the checks, with more than twice the entire payroll amount in my account at my regional local bank. From my business account, both checks were cleared the next day and my balance reflects that. The checks were for the same amount.
When my Aspiration employee submitted their check through the mobile check deposit on their smartphone, the funds cleared my account the next day and it was available to them.
My other employee says SunTrust is holding their payroll check for 5 days. I said to him, banks do this all the time just make sure to keep an emergency fund for something like this. Luckily he had money saved and is willing to wait for the funds to clear. However, today I get a letter from him that SunTrust sent to notify him of the hold. It states that they are holding the check because they "have confidential information the check may not be paid".
So I guess what I'm asking here is: What confidential information do they have? Can they see my available balance? Is this slandering my business? & Do all other banks have access to this information? If so, why didn't Aspiration (Radius Boston) hold the other check?
Submitted March 16, 2018 at 05:21PM by execexe http://ift.tt/2G2AZBy
