Bank held my check for 8 days, broker had the cash to me in 36 hours
I sold my old truck to a guy in Toledo last month for $6,200. Cashed his check at my bank, and they put a hold on it. Eight days. I called twice and got the same answer, it's policy. That hold almost cost me a deal on a used trailer because I couldn't move the money in time. My buddy told me to try a broker instead for my next sale, so I did. Sold a snowblower for $900 and the broker had the funds wired to my account in 36 hours flat. No branch visit, no hold, no manager giving me a speech about fraud protection. I honestly thought banks were the safe play and brokers were sketchy, but after that trailer situation I flipped my view. Does anyone know if there's a dollar limit where brokers start holding funds too, or is it pretty much the same speed no matter the amount?