2007-09-10 11:33:44 · 10 answers · asked by anthony a 1 in Business & Finance ➔ Credit
Takes several weeks to clear all the way thru. There is a scam going on where someone form Nigeria send you a check for $25,000 and tells you to deposit it. Then they tell you to pay them $5,000 for handling the transaction. You write them a check.
Several weeks later, you find that their check has bounced. Your check subsequently bounces because you didn't have their money. You are out a bundle.
Please allow 3 or 4 weeks to pass before you draw on anyone's check.
2007-09-10 11:44:09 · answer #1 · answered by Anonymous · 1⤊ 1⤋
The following assumes that you are depositing or cashing the check at YOUR bank, and that the check is "payable to" YOU (i.e., NOT merely "endorsed" to you), and your account has existed for at least 30 days, and is in "good standing", and, if you are cashing the check, has sufficient (and cleared!) funds to cover it.
Keep in mind that even if the check clears, that does NOT necessarily mean that the funds will be available to you that same day. Many banks require a "float" time beyond the clearing time, especially if it is over $10,000. Most banks will be more than happy to tell you their clearing and "float" days; just ask!
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GENERALLY SPEAKING:
If it is YOUR personal check, then it will clear, instantly.
If it is a cashier's/teller's check or a certified check from a well-known bank, then it should clear instantly, or, at most, one business day; otherwise, it should clear in 1-3 business days.
If it is someone ELSE's personal check, and it is drawn on a nationwide or local bank, then it will take 1-5 business days.
If it is issued from a non-FDIC bank, credit union, multi-party check, non-local government check, foreign bank, etc, then it may take even longer, but, *usually*, no more than 14 days.
(FYI: the link, below, probably won't help that much, because it's a tool for banks, not consumers)
2007-09-10 12:05:57 · answer #2 · answered by skaizun 6 · 0⤊ 0⤋
3 to 5 working days
2007-09-10 11:37:31 · answer #3 · answered by sweetie 6 · 0⤊ 0⤋
3 days
2007-09-10 11:37:12 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Depends on the financial institution. Keep in mind, that even if they credit your account with the check and it bounces and you don't have the funds to cover it, you are liable to cover the check. Make sure the check is from someone you know.
In addition, it also depends on the size of the check. I think that above $2000 it can take some time. Call your bank.
2007-09-10 11:54:52 · answer #5 · answered by Steveo 5 · 0⤊ 0⤋
3 working days.
2007-09-10 11:38:29 · answer #6 · answered by Pat R 6 · 0⤊ 0⤋
It depends on your banks policy and it depends on the bank it is worte off from most banks will take 1-3 days to be cleared through the federal reserve bank.
2007-09-10 11:38:40 · answer #7 · answered by grizzliesgurl 4 · 0⤊ 0⤋
Just cash the check at one teller's booth then take a deposit slip and deposit the cash at the next teller's booth. Problem solved. It's crazy that the banks get away with that stuff. Same with your paycheck -- cash it and then put the cash in. If you hold an account at the bank, they have to cash your check -- then you put CASH into your account and it is there immediately. Crazy, but true. Duh -- and we all put up with the joke!
2007-09-10 11:41:44 · answer #8 · answered by felixthecat 6 · 0⤊ 1⤋
normally it takes 3 business days
2007-09-10 11:41:38 · answer #9 · answered by italsteel1 2 · 1⤊ 0⤋
A day.
2007-09-10 11:36:24 · answer #10 · answered by Anonymous · 0⤊ 0⤋