Can a bank put a hold on a cashiers check for more than 24 hours?

Question

I deposited a cashiers check at 1:00pm. at the bank branch ATM machine where I have an account. It took longer than 24 hours for them to even post the cashiers check to my savings account and then stated it wont be cleared for my use until an additional 18 hours from the 24 hours passes. Given this is a cashier's check, how could they legally hold up that money for almost two days? My account is in good standing.

Answer 1

Well there are a whole bunch of factors:
Some banks DONT process their ATM deposits in branch - they send them out to be processed so often there is a minimum hold until the deposit is actually processed (so they can verify there is a check in the dep. lol).
Cashiers checks must be made available next business day, up to $5,000. After $5,000 they are subject to exception holds up to 11 business days.

Banks typically are given an extra 24 hr leeway so yes, it technically legal, but if it is under $5,000 and they continue to hold point out Federal Reserve Regulation CC to them!

Hope this helps!

Answer 2

that is the terms of ATM deposits. you should have just waited and cashed it while the bank is open for business. since it was a cashier's check, it is guaranteed funds, unfortunately ATM's take time to process and post depending on the day of the week. check your bank's "funds availability' ....small print and easily confusing, have a bank manager explain it to you.

Answer 3

Unless you have "cashback" they will even hold cash deposited in atm's in Canada.
Ask your branch to add cashback to your account. Normally you need to have a credit card with the same branch.
Scotiabank & TD Canada Trust both do this.

Answer 4

Ask your bank for a clear set of terms regarding deposits.

Answer 5

challenging aspect. seek using google and yahoo. it will help!