If a check has cleared are the funds available?

Answer 1

as soon as the check clears the funds become available

Answer 2

The funds SHOULD be available, but most of the time they are not. Depending on the amount of the check, most banks will put a hold on a check anywhere from 2 to 15 days. This is to prevent the check from being returned and the bank taking a loss on the money. Also, the bank may receive the funds, but keep the funds on hold and earn interest off of your money.

Answer 3

That is what clearing is about. However some banks try to delay that process of calling checks cleared so that they retain your funds for some more days and collect their interest on those funds. Also if you give the bank a check that is for paying off some money you owe them (like a line of credit loan) they might clear it immediately so they get paid more quickly. But if you have a credit card from that bank and you owe them some money and did not make a minimum payment they can use their right of offset to take some of those funds to pay themselves for your credit card bill.

Answer 4

It should be, but some banks put a longer hold period on a check to make sure its not recalled later, as it can be.
The hold time depends on your relationship with your bank, how much balance you carry with them and how many checks you have deposited in the past have bounced. You can always ask your bank to remove a hold.

Answer 5

once the check "clears" the money is available for use

Answer 6

Yes, should be available

Answer 7

Yes.

Answer 8

yes