6 Answers
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It's an electronic check hold.
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If you have a court order to garnish your accounts, it can be taken completely. Otherwise, if no debt or liens are unpaid, your bank should hold your tax refund direct deposit per fund availability policy. Sometimes excessive NSFs, new bank accounts, or low average balances may result in holds being placed on deposits until the charge clears; however, this should be a relatively small period being it is an ACH deposit from the government. Terms could exist in any contract that may give them rights I am not accounting for. If you have been a customer in good standing, the funds should be available almost immediately. Consult your bank to make sure, their customer service line should be able to answer this question accurately without the above assumptions. I would never rely 100% on anything being said on any website, even if it is the IRS. The information should be correct, and it has always been relatively accurate when I have used it. The IRS is also servicing a ton of tax returns, and is one of the busiest organizations at the moment. Mistakes and delays can and do happen.
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Ach Hold
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RE:
what is a ach hold from bank of america?
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ACH Hold
Deposit Holds are delays to the availability of a portion of deposited checks. They occur infrequently and if you receive one, you will receive a notice with the reason and the new date the funds will be available. The date on the Hold notice will replace the Credit Pending date for that portion of the deposit. Please refer to the Deposit Agreement for more details.
Situations that typically cause a check to be held include:
The check is for an amount larger than you normally deposit
The source of the check (for example, a personal check is more likely to be held than a government check)
We suspect that we cannot collect the funds from the account the check is drawn on
Previous overdrafts from this account.
ACH just stands for Automated Clearing House which is not necessary to know about, to understand why something has a hold on it.
Source(s): Bank of America -
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