If you deposit 1hundred thousand dollars is ten thousand available to withdrawl right away?
2007-01-09 11:56:41 · 4 answers · asked by against_all_odds 2 in Business & Finance ➔ Personal Finance
If the check is drawn on the same bank it is being deposited in, then those funds have to be made available by the next business day.
If it is a check drawn on a local bank, then $100 of the check must be made available the next day and the entire amount must be available on the second business day after the day the deposit is made.
If it is an non-local check, then $100 has to be made available the next day, and the rest must be made available 5 business days after the deposit.
These are the maximums set by government regulation and banks can set policies which make funds available sooner. The regulation also says that if a bank has a reasonable cause to doubt the collectibility of a check, they can place a hold on those funds and not make them availability for a longer period. This generally can not exceed 11 business days after the deposit was made.
2007-01-10 16:18:36 · answer #1 · answered by Tai'shan 2 · 0⤊ 0⤋
It is up to the bank to determine the amount they will release upon deposit of a check.
2007-01-09 12:06:11 · answer #2 · answered by David 3 · 0⤊ 0⤋
No. It will be about $100 & the rest when the check clears, but check with your bank.
2007-01-09 12:08:44 · answer #3 · answered by ricks 5 · 0⤊ 0⤋
I'm sure every bank is different. You may want to call and ask.
2007-01-09 12:05:05 · answer #4 · answered by mypassions4life 5 · 0⤊ 0⤋