Has your cheque ever been rejected or delayed by the bank because of this Hold Rel Mem Cr on your bank statement? Have you ever wondered what this Hold Rel Mem Cr actually is?
If yes, then today all your queries will be answered here all you have to do is just read the article below.
Hold Rel Mem Cr Meaning
Let’s first start with what exactly this Hold Rel Mem Cr means it stands for Hold relinquished member credit and is a temporary hold or delay on the deposit of your funds caused by the bank or the financial institution. Basically, this is an error code on your bank statement.
It usually happens when you deposit the cheque but the other bank or financial institution takes time to credit it. It usually happens with large deposits and indicates a pending credit to your account.
Why It Shows Hold Rel Mem Cr?
Now that you are aware of what this hold rem men cr means you must be curious to know why exactly this happens and if you have to worry about any consequences caused by it.
So it basically happens when you deposit your cheque in the bank but the other bank or financial institution takes time to credit your funds because the financial institution needs time to settle your funds.
It mostly happens with a large deposit because sometimes the financial institutions don’t have a large amount of funds to get credited on short notice. That’s why the financial institutions delay the deposit as they need time to collect the funds from other financial institutions.
So now you are aware of what this hold rem mem cr is and why it happens but you must want to know it there are any consequences that you can face because of hold rem mem cr.
The primary consequence is that hold rem mem cr puts a temporary hold on your account balance for large deposits which means you will not allowed to make large transactions from your account.
Despite all this, financial institutions still provide you with some relaxation on the usage of small amounts of funds.
Now if you ever see this code on your account you will never panic as you know about it and it’s only a temporary hold from the financial institution’s side which means you don’t have to worry about your cheque being returned.
Also if you need the funds urgently or you worry about the due date you can contact your financial institution and they can even help you with early deposits.
Nyra handles business research, writing financial documents, news items, articles, and study materials about finances.