2007-07-28 02:04:46 · 6 answers · asked by groovin l 1 in Business & Finance ➔ Personal Finance
Banks are required to follow government Regulation CC (reg CC). There are many rules to reg cc...some have to do with how long your account has been open...so I will just give you the rules if you have had your account open for more than 30 days...
If the bank you bank with is LOCAL to the bank the check is drawn on (this isn't geographical it is if they use the same Fed Reserve branch) then your bank can put a 3 business day hold on the check and they are required to release $100 to you right away.
If the bank you bank with is NON LOCAL to the bank the check is drawn on (again this isn't geographical it is not the sameFed Reserve branch your bank uses) then you bank can put a 5 to 7 businesss day hold on the check and they are required to release $100 to you right away.
Like I said there are many different variations of this, but those are the standards, check out the variations on the website if you want more info:
http://www.federalreserve.gov/Pubs/regcc/regcc.htm
2007-07-28 04:56:12 · answer #1 · answered by Anonymous · 1⤊ 0⤋
They NEVER hold ANY check. They are legally allowed to hold the FUNDS for up to 3 days without giving notice. If the have reason to believe the check will be returned, they can inform you in writing of when the funds are expected to be released. If I recall, they have up to 30 days after giving such notice.
2007-07-28 05:35:16 · answer #2 · answered by STEVEN F 7 · 0⤊ 1⤋
call the economic organization and ask while the money are availabe and and while the economic organization will actual have the money. until the economic organization actual has the money you're in threat for the scam under. warning: make constructive that the economic organization has the money in the previous you write any exams against it or supply the money to somebody else. Its a great scam those days to have you ever deposit a bogus examine, supply money to a pair one, in simple terms later to make certain your economic organization did not have the money, You now not have the money, and the economic organization gets it back from you.
2017-01-03 09:19:54 · answer #3 · answered by Anonymous · 0⤊ 0⤋
3 days i would check with your bank
2007-07-28 02:09:50 · answer #4 · answered by tina48fan 3 · 0⤊ 1⤋
Every bank is different. The best way to find out is to call them!
2007-07-28 03:08:06 · answer #5 · answered by Anonymous · 0⤊ 1⤋
usually 3 days..... ask them.
2007-07-28 02:12:13 · answer #6 · answered by Sharon 3 · 0⤊ 1⤋