My wife and I were in a car accident. We are getting awarded some money from the insurance company. The Law Firm we went through have had the check for almost a week now and keep telling me they are waiting for the check to clear..then they take there cut and write us a check for ours. Well I feel like they are stalling us for some reason. How long on average does it take for an $18,000 check to clear the bank?
2007-10-25 01:18:41 · 8 answers · asked by Scott M 2 in Cars & Transportation ➔ Insurance & Registration
the check is written from State Farm Insurance...addressed to my wife and i, the law firm, and medical insurance (we all endorced the check) and the bank is Bank of America
2007-10-25 01:23:55 · update #1
5-7 business days for an out of state check
over 5,000 to clear.
atleast from my bank.
2007-10-25 01:21:00 · answer #1 · answered by Fuzzybutt 7 · 0⤊ 0⤋
When I had a large check from my brokerage, my bank said it would be 7 to 10 business days to clear. I've never understood the reasoning that the banks are using since they can certainly charge my account immediately if I wrote an $18,000 check and everything is computerized but they insist. I guess they are giving people time to put a stop payment on the check and dont want to be out the money.
2007-10-25 08:28:48 · answer #2 · answered by Diane M 7 · 0⤊ 0⤋
Bank of America is the worst bank in the world to hold onto your funds. they want to control the money until last second. then banks never have 18K in hard paper dollars. the claim they must "order cash" LOL . amazing to me that the banks have no money in them. if a check is written it can clear and a customer is charged 50 dollars in overdraft fee . you present them their own check and ask for their payment to you ... and you must wait ? LOL too bad we can't charge the bank 50 dollar fees per day .
your law firm will want to control the money / keep the usage as long as possible too.
anyone that has the money wants to keep it earning interest as long as possible. banks like taking the money in ... they are not comfortable in letting the money out .
fighting a law attorney when they are done with you ... is another nightmare .
you might call state farm / ask for the check number ? call bank and ask bank status of check . you can then give your attorney a gentle counsel that the money has cleared .. you'd appreciate if their office could expediate your money back to you ? you and wife have some bills that must be paid asap .
2007-10-25 08:37:17 · answer #3 · answered by Mildred S 6 · 0⤊ 0⤋
your attorneys are correct. the check they received is probably what is called a draft. a draft checks purpose is in case the insurance company for some reason changes its mind. once this check clears your attorney will issue u your share minus usually any medical fees, 1/3 attorney fees and possibly office fees such as mail, copys, stamps and other bull costs that i think should be included in their 1/3 fee.once u receive the attorneys check u can go directly to there bank to cash.therefore i would say u should recieve it any minute.
2007-10-25 08:26:59 · answer #4 · answered by Anonymous · 0⤊ 0⤋
call the insurance company and ask them if the check cleared. with the modern age most checks clear alot sooner-overnight in fact
2007-10-25 08:54:45 · answer #5 · answered by nj2pa2nc 7 · 0⤊ 0⤋
can take 3-5 working days sometimes
2007-10-25 08:21:10 · answer #6 · answered by wizjp 7 · 0⤊ 0⤋
2 weeks would not be out of the question
2007-10-25 08:21:54 · answer #7 · answered by dkgroce 3 · 0⤊ 0⤋
DEPENDS WHERE IT IS FROM BUT USUALLY 5 TO 7 BUSINESS DAYS.
2007-10-25 08:21:35 · answer #8 · answered by Anonymous · 0⤊ 0⤋