I cashed my student loan check ($3,000) and I took it to the bank.. well my co-signer doesn't live here and he signed it and mailed it back to me but wasn't present when I cashed it.. when I took it to the bank, they accepted it but are placing it on a 2-5 business day "hold".. What does this mean?
2007-11-21 10:42:21 · 2 answers · asked by aa 1 in Business & Finance ➔ Credit
Banks often put holds on various checks, just to make sure the funds clear before you go withdrawing the money. Usually it's for larger personal checks or out of state checks that someone has written.
They should be able to give you a definite timeline though. Not 2 - 5 days.
I'm kind of surprised on this one, as it's either a bank or gov't check, but don't sweat it.
2007-11-21 10:49:00 · answer #1 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
It means that you will not have access to the monety until the check clears the bank it was written on. This usually takes 3 to 5 business day to clear. Your bank just wants to make sure the check is good before they give you the money.
2007-11-21 10:47:38 · answer #2 · answered by peggysnotions 2 · 2⤊ 0⤋