How long do banks take to clear checks these days?

[Barb D]

I just deposited some checks, and I need the $$ from them soon. (Usually my only deposits are direct deposit paychecks!) How long does it take banks to clear checks these days?

 

[minnieandme]

Do you know if they put a hold on the checks? If they did not, the funds should be available right away. If they did, depending on how far the check was drawn from, it could be anywhere from 2-5 business days. Call your bank and find out.

 

[CheshireVal]

My bank is never immediate, even if it's just a tiny deposit.

If I deposit by 2pm, then it will be available at midnight. After 2pm, it will be midnight the next business day. Which means any deposits I make on Friday afternoons don't show up in my account until Tuesday!!!!

 

[Lisa loves Pooh]

We have USAA--we have to mail in deposits..but the deposit clears immediately upon receipt.

Our direct deposits are there immediately.

You will have to ask your bank as to what their rules are for deposits.

 

[Barb D]

Thanks! I think we'll be OK. If it's midnight tonight, we're definitely good.

You'd think in these days of electronic everything it would always be immediate.

 

[Fitswimmer]

Thanks! I think we'll be OK. If it's midnight tonight, we're definitely good.

You'd think in these days of electronic everything it would always be immediate.

withdrawals are immediate-deposits can take up to 10 days depending on where the check is drawn from. I had to wait 10 days for a deposit from a check my Dad wrote me on his Florida bank.

 

[minnieandme]

Thanks! I think we'll be OK. If it's midnight tonight, we're definitely good.

You'd think in these days of electronic everything it would always be immediate.

It's only immediate when they take the funds out of your account

 

[korbbec]

Depends on several things.
-Are the checks hand signed or computer/stamp signed?- hand signed take longer.
-Do you have other accounts with the same institution that would cover the amounts of the checks if they were bad?
-Was it a mixed deposit, or was it all checks, all from the same source? Usually if it is a mixed deposit, none of the deposit will be available until all of the deposit is available.
-Were all checks written from a source that you have used to deposit to your account for a while? I find my paychecks go through much more quickly once they are established as valid at the bank- the first few after I moved took a little longer.
-were they direct deposit? If so, it should be immediate.

 

[Barb D]

-Was it a mixed deposit, or was it all checks, all from the same source? Usually if it is a mixed deposit, none of the deposit will be available until all of the deposit is available..

Ack! Seriously? It was part cash, part check...handwritten, from local banks. I definitely need at least the cash part available today/tomorrow. (I'm writing a check today.)

 

[korbbec]

Whenever I am in that situation, I deposit the cash seperately. There is still hope though- every bank works differently.

 

[Cindy's Mom]

Ack! Seriously? It was part cash, part check...handwritten, from local banks. I definitely need at least the cash part available today/tomorrow. (I'm writing a check today.)

Call your bank, that's the only way to know for sure.

 

[MomofKatie]

If the check is drawn on a bank in a Federal Deposit Bank city, then it should be available the next business day. If it drawn on a city not containing a Fed branch, it should be available within 2 business days. However, this also varies depending on the size of the bank you use and the size of the bank the check is drawn on. Most large, regional banks make deposits available the next day, or at the latest, 2 business days after deposit.

 

[RUDisney]

Depends on several things.
-Are the checks hand signed or computer/stamp signed?- hand signed take longer.
-Do you have other accounts with the same institution that would cover the amounts of the checks if they were bad?
-Was it a mixed deposit, or was it all checks, all from the same source? Usually if it is a mixed deposit, none of the deposit will be available until all of the deposit is available.
-Were all checks written from a source that you have used to deposit to your account for a while? I find my paychecks go through much more quickly once they are established as valid at the bank- the first few after I moved took a little longer.
-were they direct deposit? If so, it should be immediate.

Upon what authority do you speak?

Hand signing and/or computer signatures don't speed up or delay the clearing of checks. Even if the signature will be manually verified at the paying bank, it doesn't affect the time that a check takes to clear.

Having other accounts that will "guarantee" that you don't stiff the bank if the deposited checks come back as bad if the bank has paid against the account. This is a true statement.

Reg CC requires that all cash is immediately available to the customer for withdrawal, at least same day if not immediate. The first $100 of a deposit must be available to the customer by the next business day. If there is more than $100 in cash, that portion is available and you'd wait for your checks to clear. You do not have to make separate deposits for this to happen. Furthermore, your checks will clear depending on your bank's availability policy. Checks that clear through your own district's Federal Reserve Bank must be available to you on the 2nd business day. Anything that is outside of your Fed district must be available on the 5th business day. This is automatic so you don't need to make a cash deposit, a local check deposit and a foreign check deposit in order to cement this schedule. Checks drawn on the same back must be available on the next business day.

Whether you deposit checks from a particular source and get special availability is up to the bank. It is not required, nor is it something that I've heard done in most of my nerdy banker meet and greets.

Direct deposit is immediately available.

With all this being said, many banks have expedited their availablity schedules from what is required by law. Your bank can tell you what its policy is about this. And, if you're a good customer of the bank, you can ask for a special deposit ticket that will give you next day availability on your entire transaction. The bank is not required to honor your request and some are more strict than others on specifying the type of checks that can go on that ticket since the govt regulates what you have to allow on this ticket.

Barb, if you have any other specific questions, you can PM me. I'm in banking over 20 years, most of which have been associated with item processing and availability.

 

[beattyfamily]

Unfortunately, my husband deposted 2 Fidelity checks ($1500 each) in our ATM on January 12 and they still haven't cleared!

We are now changing banks because of their poor customer service over this 'holding of checks' issue.

Good luck!

 

[DMickey28]

With my bank, Bank of America, cash is available immediately if deposited before 2pm. After and it's available the next day.

Checks can take up to a week to deposit, depending on the bank. For a while there I was getting 10 day holds on checks but I think that's because I had deposited any in a long time and it was fairly random.

 

[Tink_Or_Belle]

one year I did Rapid Refund Tax refuns (yeah yeah I know how much I paid in fees) The bank held it 14 days which REALLY defeated the purpose of RAPID refund. Other than that my bank is usually next day.

 

[Disneydreaming6]

Unfortunately, my husband deposted 2 Fidelity checks ($1500 each) in our ATM on January 12 and they still haven't cleared!

We are now changing banks because of their poor customer service over this 'holding of checks' issue.

Good luck!

Your dh deposited in an atm, which probablly wasn't even processed until Tuesday due to the holiday, today, 1/22 is only the 5th business day. It seems like a really long time, but you have to take into consideration the weekend and holiday.

 

[RUDisney]

Unfortunately, my husband deposted 2 Fidelity checks ($1500 each) in our ATM on January 12 and they still haven't cleared!

We are now changing banks because of their poor customer service over this 'holding of checks' issue.

Good luck!

DisneyDreaming6 is right. Since it was deposited at an ATM, all bets are off. They take forever to clear because the bank cannot be sure until the machine is opened that you didn't deposit blank pieces of paper or an empty envelope.

 

[tar heel]

That's interesting about the ATM. The teller at my son's bank actually recommended to him once that he make a deposit at the ATM b/c it would go into his account SOONER.

At my bank, if I make a larger ATM deposit, I get immediate credit for $100 of it if it's in before a certain time (4, I think) , and the rest is credited at midnight. If I make a deposit at the bank branch, it has to be in before 2 to be credited at midnight and there's no immediate $100 credit. Weird stuff.

 

[RUDisney]

That's interesting about the ATM. The teller at my son's bank actually recommended to him once that he make a deposit at the ATM b/c it would go into his account SOONER.

At my bank, if I make a larger ATM deposit, I get immediate credit for $100 of it if it's in before a certain time (4, I think) , and the rest is credited at midnight. If I make a deposit at the bank branch, it has to be in before 2 to be credited at midnight and there's no immediate $100 credit. Weird stuff.

Many banks have the same issue of some people knowing the truth about how things work and others thinking that they know. We struggle with that all the time.