I just got a large payroll check. My bank will not cash it for 5 days. How can I get funds sooner w/out fees?

Question

The bank from which it was written is not within driving distance of me. I also don't want to sign up for a line of credit to access the money.Do all banks hold checks for larger sums? It is just my bank? Should I open an account somewhere else?

Answer 1

Most banks don't hold payroll checks. Doesn't sound like a very good bank.

Answer 2

$5 to cash a check at a bank where you don't have an account is the normal charge. Why not take the check to your bank and cash it? There shouldn't be a charge there. You don't have to cash the check at the bank where your employer has the account. You need to start cashing your checks at your bank. What you need to do on the next pay day: 1) Get your paycheck from your employer 2) Go to the bank in which you bank with 3) Fill out a deposit slip that will deposit part of the check into your account and the remaining come to you as cash. Any customer service rep will be glad to help you with this in the bank. If your bank in unaccessible, like an online bank. Then you need to open an account at a local bank that charges no account fees. Deposit the money into your account and then mail-in or transfer your balance every month into your online bank account.

Answer 3

If your bank put a hold on it, there should be a way for them to get a copy of the check. Have them verify if the check is cleared. If it's cleared, there's no reason for the check to be on hold.

If you just deposited it today, it probably won't clear for a couple of days.

Most banks won't put holds on checks but it depends on your account balance, how long you've had an account with them, and other factors which simply depend. The option to place a hold on a check is done on a case by case basis.

If you want to avoid fees, explain to anyone you write a check to, and most people will give you some leeway. This will prevent returned item fees from their bank, and other unsavory problems. Ask your bank if they'll release at least part of the money. Good luck.

Answer 4

Bob Smith: Nearly everything you say is WRONG. There is NO way to verify that a check has cleared the other bank. Even if the check was paid by the other bank, they can STILL return it for a number of reasons. EVERY bank places holds on checks, most do so AUTOMATICALLY and waiving the hold requires special action. Large checks usually trigger LONGER holds.

Answer 5

If its a large amount of money they usually hold it for 5 to 7 working days. Its so the check doesn't bonce. You don't have to change banks as all banks do it. Just put it in the bank and take it all out when they tell you you can. Smile.

Answer 6

It must be a new account you have, or there isn't ever a very large balance. Once the account gets a history, they usually don't do this to you. Wait the 5 days, going to a check cahing place is crazy advice., and do sign up for direct deposit

Answer 7

Yes, it’s common. My bank does a hold for checks over $500.

Can you sign up for direct deposit? You’ll get your money quicker an not have to deal with this BS.

Answer 8

Go to a check cashing store. They charge 2 - 2/12 percent.

Answer 9

Just wait the five days.

Answer 10

take to a different bank and open new account, go to a check cashiing place.