I deposited $600 cash into my bank account in the bank machine 3 days ago. I gave my landlord a cheque for $450. My account is frozen because they're holding the money for a certain period of time. Do you think that the cheque will bounce?
2007-02-02 04:57:18 · 3 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I deposited cash only. I don't know how often they get the money from the cash machine that was deposited.
2007-02-02 05:03:37 · update #1
If you deposited cash, there shouldn't be any hold on your account. If you deposited a check from someone else, the bank could hold the money for up to 10 days to make sure that check is good. That is to prevent you from spending money you may not actually have which would create a dilemna for you with overdraft charges, returned checks, etc.
2007-02-02 05:02:18 · answer #1 · answered by larry r 3 · 0⤊ 0⤋
Some banks do put a hold on cash deposits. But on the other hand the deposit must be made available on the following business day. Since you made the deposit at an ATM it's likely that it will be credited by tonight at midnight. Most banks will put your credit will go in before a debit (your check) I would call and ask why they put your deposit on hold.
2007-02-02 11:38:31 · answer #2 · answered by nena b 2 · 0⤊ 0⤋
One would think that after 3 days, you're in the clear...
The banks conduct end-of-business at 2pm, but their computer doesn't credit it until midnight.
You should be ok.
To be on the safe side (in the future):
Anytime you deposit cash, make sure you give it at least 5 full business days to settle into your account...
And at least 2 weeks for checks.
2007-02-02 05:14:05 · answer #3 · answered by netthiefx 5 · 0⤊ 0⤋