Is there a Fed. mandated 7 business day holding period before checks above $5,000 are avail for withdrawl?

Answer 1

No, it is a bank hold. The Federal governement does not have a rule for this.
If you do a lot of banking, with typically large deposits, banks don't always hold a large summed check that long.
If it is a local bank, 3-4 days is average, but if it is out of state they hold it longer as they cannot verify funds that fast.

Answer 2

There is not federal or state law governing the amount of time a bank will require a check to be held to insure that the check is good.

They can really do it in one day if they so desire. They will not take the time. If my bank held my checks for more than 1-3 days I probably would change my bank and get a new one.

Another reason your bank might hold a check longer is because of your banking habits. If you have had checks that were not honored before that could be a problem.

There are some banks that will allow you to take a certain portion of the check ad hold the rest, say about 10%. Again that depends on your banking habits, how long your account has been opened etc.

If you take the check to the bank the check is drawn on you might find success there with a $2000.00 check or below and will normally be charged a check cashing fee of less than $10.00.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

No, this is a bank hold. The feds just REDUCED the MAXIMUM allowable holds to 7 days for out of state funds, HOIWEVER, any bank can make the funs availble FASTER than the seven days. What the bank is doing in this case is exerting the MAXIMUM possible hold it can legally implement. If you are regulary getting these types of deposits, sit down with your branch manager or commericla loan officer and see if you can get your account coded for faster availbility of funds. Tellers probably will not have the authority to grant faster availibility.

Answer 4

I'd say no. I used to be a teller, and I never heard anything like that. Depending on the customer, we could put a hold on checks. But if it was a good customer, with a large enough balance and cash flow, the checks would be available the next business day.

Answer 5

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Answer 6

nope