Hi, I had 50 dollars in my College Bank of America Checking Account. I went to deposit 600 dollars and it shows that my account balance is 650 dollars. However, my available balance is 150 dollars. I need the money in two days so will it automatically go to 650 dollars after the day is over? Thanks in advance.
2007-01-05 11:30:54 · 10 answers · asked by David V 2 in Business & Finance ➔ Personal Finance
When are funds available after deposit?
Usually on the first business day after the day we receive your deposit. However, depending on the type and amount of your deposit, we may delay the availability of your funds for up to 11 business days. If we delay the availability of funds, we send you a notice and tell you when the funds will be available. A delay may occur under the following circumstances:
You deposit checks totaling more than $5,000 in one day.
You re-deposit a check that has been returned unpaid.
We believe a check you deposit won't be paid.
You've overdrawn your account repeatedly in the last six months.
There is an emergency such as an equipment failure.
For more information on the circumstances under which a delay may occur, refer to the
Deposit Agreement and Disclosures.
2007-01-05 11:35:11 · answer #1 · answered by Bored Enough To Be Here 6 · 0⤊ 0⤋
When banks receive a check, they will make a small portion of the total money available to you for daily spending. However, they must usually wait for that check to clear. This can be from 3 to 7 days, depending on where you bank, how long you've been with them and if or not you've bounced any checks in the past.
However, the bank I use for my school deposits has always told me that I can write a check on that money, even though it is held for a couple of days because it will also take my own written check 3-5 days to clear the bank of the institution I'm giving the money to. I've had to do that in the past for books, gas for my car and also car insurance. Use caution however as you don't want checks bouncing around. It's very costly.
Actually the fastest way to rectify this would be to go to the bank the check is drawn on, and cash it, then deposit the money into your account. That's what I 'learned to do'
2007-01-05 19:42:57 · answer #2 · answered by chole_24 5 · 0⤊ 0⤋
Most banks require 2 business days for making deposited funds available provided the deposit is either cash or a check drawn on a local or in state bank. Banks will bank anywhere from $50-100 of the deposit available immediately but the balance later.
2007-01-05 19:32:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you deposited the $600 as cash, it should be available tomorrow, but if it was by check, it may not be available until the check clears (ie until the bank the funds were drawn on actually give your bank the funds!). Sometimes this can take 3 days. In some cases it even takes 7-10 days!
You should call your bank's 800 number and ask!
2007-01-05 19:35:19 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If the deposit was made in cash, it should be available right away. In most cases, the $100 is made available right away and the rest should post by midnight. Then again you have to consider things like, is it posting on today's business day or did you make the deposit after the cut-off, things like that. But two days is more than enough time for the money to process.
2007-01-05 19:47:58 · answer #5 · answered by kindoo 1 · 0⤊ 0⤋
It depends. You need to check your bank's policy on deposits. How long you have to wait may depend on what you deposited (work check vs. personal check). Your bank probably makes $100 of your deposit available immediately, and then the rest available in a day or more, depending on their policy. If it is a brand new account, it could be up to a week.
2007-01-05 19:34:42 · answer #6 · answered by Wendy H 2 · 0⤊ 0⤋
I use the same bank and this is what they do. They allow you the first 100 dollars to be available immediately (a convenience). If the check is local it should be available in 2-3 business days.
2007-01-05 19:34:22 · answer #7 · answered by Jill S 5 · 1⤊ 0⤋
The first $100 gets to the account automatically. The rest will go in either the next business day or if its a personal check possibly not until it clears.
2007-01-05 19:34:17 · answer #8 · answered by grand96prix 3 · 1⤊ 0⤋
banks sometimes "holds" the funds, only making an partial amount available, this is true when you deposit checks. It should clear after the two business day period.
2007-01-05 19:34:10 · answer #9 · answered by Anonymous · 2⤊ 0⤋
If you have evidence in writing that you have $650, then you have $650
2007-01-05 19:33:06 · answer #10 · answered by Up your Maslow 4 · 0⤊ 2⤋