Hold Memo dr
If you are a Chase customer, you may come across the term ‘hold memo dr’. And it can be quite confusing at first. Moreover, being held on your transaction is frustrating enough for you. It does not stay held for long but there are exceptions too. When I first got introduced to this term, I tried to know what exactly is the meaning of it or why it happens especially to chase users. Though I don’t have the perfect explanation for this, I will try to interpret it well with all the knowledge I already have as well as the information I gathered.
What does hold memo dr mean?
When you deposit a check or want to transact your fund through a check/memo, your bank may hold it due. You will get a message regarding it and ‘hold memo dr’ will be bolded in red color. Normally it happens due to the delay bank temporarily does for the funds to be available. Whether the check payer has the money in their account for a transaction or not, the bank will hold it for a short amount of time to check it.
When a debit transaction gets held on, chase sends this message to the owner of that account. The Dr in ‘hold memo dr’ means debit and the whole message means they are holding on a debit transaction maybe due to insufficient balance, confusion in certain data, or a scam.
Sometimes funds are not available on your account even if it shows. Because of that, you cannot withdraw them or use them for other purposes. If you do then you may have to deal with overdrafting or returned fees. It will be a problem for both you and the bank, though you will suffer more. And this is what dr means from the message.
That’s why Bank holds the memo solely to avoid any problem you may suffer.
When someone sends transactions to your account that is held and you cannot withdraw or use them, that is because of clearance. Even if your account shows you have this amount of money, the funds may not be transferred to your account yet. It means the balance is here in documents but the funds are yet to be transferred. Until the transaction is clear, your bank will hold the memo.
Frequently asked questions
- What is overdrafting?
It is like a lend-borrow thing. If you want to make a transaction of a certain amount but your account does not have sufficient funds, the bank will transfer it anyway. That way you will owe your bank that amount. However, being in this situation is not good all the time. Unless you are in dire need, don’t overdraft your account. If you fail to pay it back, your transactions can get held and your bank can ask you to repay the amount at any time.
- How long bank hold the memo dr?
The time varies. Normal holding takes two or more business days. But the more complex your reasoning is the more days it takes for example 7 to 10 business days or even more. If the date is prolonged, cross-check with your bank and see if there are any serious problems.
- How to remove a hold memo?
You cannot simply remove a holding on your account. Firstly, contact the bank branch you are associated with and get the details and reasons for this issue. They will let you know the solution easily. However, there is no way you can ask them to remove it since this is a normal occurrence at every bank. The last thing you can do is to get the reason and whether you can solve it to avoid this issue in the future.
- What is chase hold memo dr?
When the bank delays your transaction because of a non-transferred fund for it to be available, you will get a hold memo dr message. It means, your deposited or received balance will seem transferred only on documents but the actual money is yet to be transferred to the designated account. It happens because the bank has to check whether your account has enough funds to match the one on the check. Until the fund is in its rightful place, your account or that transaction will be on hold memo dr by the chase. This is only temporary and will be issued as soon as the bank has checked you have sufficient funds to transfer. However, if not, the transaction will not be completed until your account gets enough amount.
- Why did I get a hold memo dr message from chase?
Hold memo dr happens due to the delay bank temporarily does for the funds to be available or transaction clearance. They check if the amount you want to transfer is available on your account or not.
- What does dr mean in banking?
Dr in a bank statement means Overdrawn or debit balance. When you overdraft on your bank account which means taking money from the bank that is not your own and which you have to pay back later, your account will have dr statement. These overdrawn or debit balances are known as dr. It means a negative balance that you have to pay to the bank. It either happens due to you taking a personal loan or due to the delay of fund transactions.
Beatrice has started writing to research more to have in-depth knowledge of things she has an interest in and this journey of hers has contributed a lot to our writing team.
