I have a friend who has written me a check on his account. His direct deposit will not hit his account until midnight tonight. If I cash or deposit this check at my bank this afternoon (after their 2pm processing time), will it bounce, or will it not hit his bank until midnight? I am at Bank of America, he is at Amsouth, if it matters.
I need cash!!!
2006-10-31 04:02:34 · 10 answers · asked by Lissa 1 in Business & Finance ➔ Personal Finance
Well, try it, tick off your friend & pay more money...
2006-10-31 04:10:05 · answer #1 · answered by fairly smart 7 · 0⤊ 1⤋
Most of the time, when a check leaves your bank (Bank of America), it has to go to the Federal Reserve, and then it would go to Amsouth. So there is a little bit of a float time from when you deposit the check and when it will hit his account. It used to take a couple of days, and sometimes even a week. There are now new laws that have timeframes and so the float time is getting shorter. Also, some banks now use a draft machine will the check and see if the funds are available. If you feel that you want to take this risk, then go ahead. Just know that most banks charge bad check fees it you cash it too soon.
2006-10-31 04:13:09 · answer #2 · answered by Xander 4 · 0⤊ 0⤋
With the way online processing is done now, cashing a check is like going to the bank and making a withdrawal from the account. Wait til tomorrow when is check is in the bank.
2006-10-31 04:11:29 · answer #3 · answered by wallcritter 3 · 1⤊ 0⤋
If you deposited the check today at your bank it will take atleast 24 to 48 hours for your back to clear the check send it to his bank to be cleared for payment. If I get paid on friday, I have written checks on Thursday with no problem of clearing, I have even written some on Wednesday before and still cleared
2006-10-31 05:08:52 · answer #4 · answered by millerlitetime36 2 · 0⤊ 0⤋
If you wait until after 2, you should be fine. The check shouldn't process through this bank until the next day or even two days later.
2006-10-31 04:28:30 · answer #5 · answered by wynterwood 3 · 1⤊ 0⤋
Yes u have to get it deposited before 12 noon. Or it is likely to bounce.
2006-10-31 04:10:58 · answer #6 · answered by spikey200maximum 3 · 0⤊ 0⤋
Since he's not at the same bank it should not bounce. But you cannot guarentee it.
2006-10-31 04:38:52 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Your check will not process until tomorrow. It will not bounce.
2006-10-31 04:10:17 · answer #8 · answered by Im Smrt 2 · 0⤊ 0⤋
it will bounce like a small rubble ball out of a gum ball machine!
2006-10-31 04:11:10 · answer #9 · answered by broc1212 5 · 0⤊ 0⤋
Don't do it until his check clears. I'm sure you would feel awful if he had tons of overdraft fees because you couldn't wait one day.
2006-10-31 04:09:49 · answer #10 · answered by LittleFreedom 5 · 0⤊ 1⤋