2007-10-15 17:28:19 · 7 answers · asked by lulu 2 in Business & Finance ➔ Credit
A local check (meaning the bank the check is drawn off uses the same federal reserve branch as your bank) the 1st $5k can be held for 3 business days and the rest (if more than $5k) can be held for up to 11 business days.
A non local check (meaning the bank the check is drawn off uses a different federal reserve branch as your bank) can be held for 5 to 7 business days for the 1st $5k and up to 11 business days for the remainder of the check (if more than $5k)
If a check appears to be suspicious or for some reason the bank teller can hold for up to 11 business days for any dollar amount.
Also in all circumstances the bank must release the 1st $100 of the deposit.
All banks are required to disclose their Reg CC funds availability policy and give it out in writing when requested. As well, they are required to give you a notice when placing a hold on your check.
Cashiers checks and money orders are not considered guaranteed funds and banks are allowed to place holds on these checks just as they would any personal check.
2007-10-15 17:52:57 · answer #1 · answered by Anonymous · 1⤊ 0⤋
In the US, a bank can place up to a 10 day hold on a check being deposited into your account. The reasons could be because your account is too new, the check is out of state or a draft, or the check is over a specified amount and that's the bank policy.
2007-10-16 00:46:06 · answer #2 · answered by annazzz1966 6 · 0⤊ 1⤋
any bank will hold a check for 10 days, that allows the check to clear by the person who has endorsed it. so if you do have a check that does not have sufficient funds to cover it, the bank should notify you after 10 business days.
2007-10-16 00:32:02 · answer #3 · answered by booboobearus 2 · 0⤊ 2⤋
If you bank in the cheque before 3pm today, you can withdraw the $ the following day after 2pm. But if you bank in the cheque after 3pm, you can withdraw the $ the day after tomorrow after 2pm. This is for weekdays transaction only. If you bank in on Saturday before 11.30am, you can withdraw the $ on Monday, after 2pm otherwise on Tuesday, after 2pm.
2007-10-16 00:34:05 · answer #4 · answered by lina 3 · 0⤊ 1⤋
I don't have enough information to answer your question. A check is a negotiable instrument, and there are all kinds of details I need to have to answer it. Can you reask it with some specifics?
2007-10-16 00:31:23 · answer #5 · answered by No Shortage 7 · 2⤊ 0⤋
7 business days.
2007-10-16 00:35:17 · answer #6 · answered by EMT-207 4 · 0⤊ 1⤋
As long as you want, but when you put it down, you are no longer holding it.
2007-10-16 00:31:27 · answer #7 · answered by David L 2 · 0⤊ 5⤋