Why does my paycheck take so long to clear?

Question

A little story. For some reason my employer decided to stop my direct deposit on my paychecks. So me thinking I had money in my bank account I went on spending as i normally do. To my shock I check in a few days that I have a negative balance on my acct. So I check with my employer and sure enough my check is sitting there waiting to be cashed and it never went out to DD.

So anyways I finally deposited the paycheck to my bank (JPM Chase) and now the money is in Present Balance but not in available balance? Why is this? I gave the check to the bank on Friday and its Wednesday when can I use the money? I have a negative balance of -$10.56 still.

Answer 1

OMG I use the and that happeded to me . They even held my check for 2 weeks because of "potentian fraud" because it was over $2,000 just like every other check. I work at the post office and it is a federal check..
thay do it 'cause they can

My G-ma worked for B of A and she said that they loan our money out overnight to other banks so the can balance their books and if the can hold everyones check for an extra day they make millions

Answer 2

Your employer has having payroll problems. Payroll checks are not clearing because the money is not there. This is a good sign to start looking for a new job.

Answer 3

Wednesday is three business days, which is standard for checks drawn on banks in distant parts of the US.

I'd guess you employer writes their payroll checks on an account in somewhere like Montana in order to lengthen the number of days it takes to clear [they get interest or services credit for every day the funds are still in their account].

Answer 4

I know that my check takes longer to clear if I deposit it thru another bank facility, but yet is a branch. it takes up to a week!!! But either way, no one will have a better answer than your bank itself. Good luck guy

Answer 5

its either your bank or the company (your job) doesnt have a great track record with checks clearing