If I write a personal check to a person how long will it take to clear if they deposit it at their bank?

Question

I use a bank they use a credit union!!!

Answer 1

Most banks now use E.F.T. (electronic funds transfer) this transfers the money the second it's done.

Answer 2

My current job is handling the computers and applications that handle the deposits for the customers of one of the largest banks in the world.

Your check will probably hit your CU within an hour, if not instantly, of the time the deposit is made. Any more, this is done electronically 99% of the time. You no longer have paper being carried between banks and a clearinghouse and the 2 or 3 days of float are long gone.

It does not matter whether the check is deposited at a bank or a Credit Union, or if you write one to Home Depot (or most any large store) your account is checked to see if funds are available, and once approved the money is committed. (ever check your balance and see a balance and an "available balance" that are different? It just means the funds are committed, but not transferred.) Even in the stores that turn your check in for their deposit, the checks will be scanned at the bank and the transfer taken care of within minutes of the scan. Your only float will be for the time it take the store to get your check to their bank.

Note that this is not yet the case 100% of the time, but every day it gets close. Do not plan on any float from your check.

Answer 3

It depends on the check clearing handling system of the depository bank. In the Philippines, draft deposit within the region takes 1 day before the check will be cleared, within the island ( e.g. Luzon-Luzon) it takes 3 days and inter island 5 working days. If your check is from outside the Philippines, it takes at least 15 days clearing time. Remember, the clearing time for draft deposits is until 12:00noon only on regular banking days. Credit Union affiliation does not affect banking system especially on draft clearing, that is why Philippine banks employs clearing officers to do the verification and documentation of the draft deposited. Banks uses credit union for credit and loan facilities only and not for clearing drafts.

Answer 4

Well it should take no more than 2-3 days after they deposit or cash the check at their bank. Depending on the routing number. If each routing number is a local number it won't take too long to clear the bank. Unless they decide to go to your bank and cash it, it will then clear the same day they do that.

Answer 5

Most checks clear within a day.