Dealing with 14 day holds by banks on deposits As a small…
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Dealing with 14 day holds by banks on deposits
As a small remodeling biz doing jobs up to 200k, my clients pay me a deposit of 10-50k at signing. I can mobilize, schedule, purchase materials, etc. Now banks are putting up to a 14 day hold for my deposit to clear. A big money grab IMO, and nobody wants to wait for that to clear to start. And my LOC loan is not there for that.
How are you smaller companies dealing with this?
#industry
source
As a small remodeling biz doing jobs up to 200k, my clients pay me a deposit of 10-50k at signing. I can mobilize, schedule, purchase materials, etc. Now banks are putting up to a 14 day hold for my deposit to clear. A big money grab IMO, and nobody wants to wait for that to clear to start. And my LOC loan is not there for that.
How are you smaller companies dealing with this?
#industry
source
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