Tuesday, February 23, 2010

Generally, how long does it take for a check to safely clear after it's deposited?

I deposited a personal check (made out to *me*) into my checking account on Friday morning. My bank put a 3-day hold on the check, which dropped off this evening (according to the banking by phone system); does this mean that the check has *definitely* already cleared? Or, might it still bounce? How long do I need to wait to be absolutely *certain* that a check is good before I access the funds? Thanks in advance!Generally, how long does it take for a check to safely clear after it's deposited?
Actually it takes up to two weeks for the bank to figure out if/that the check has bounced. They must make it available within 3-10 days, though (depending on the amount) by federal law. So even if the check has cleared and they've dropped the hold, you should wait 2 weeks to make sure the check doesn't bounce.





Incidentally, many frauds and scams are accomplished by giving people bogus checks, which the bank clears, and making them use the money within a week. Then the victims access the funds (usually to wire or pay some of it back to the issuer) and the check bounces a week later. And the account holder is the one liable for fruad even if they were totally duped!Generally, how long does it take for a check to safely clear after it's deposited?
5 days to be certain.





See ';Expedited Funds Availability Act'; -


Federal law enacted by Congress in 1987 limiting Check Holds on checks deposited into a bank account, and requiring banks and other depository financial institutions to follow a uniform funds availability schedule in processing checks or drafts deposited into an account. Under the Expedited Funds Availability Act, the first $100 of a check is to be available for use at the opening of business the day after a deposit is made, remaining funds on the second day after the deposit if payable by a local bank, and within five days if drawn on more distant banks, after September 1, 1990. Cash deposits, U.S. Treasury checks, official bank checks (cashier's checks, certified checks, and teller's checks), and checks paid by government agencies are also included in checks subject to next day availability. The Expedited Funds Availability Act is implemented by Federal Reserve Regulation CC.
21 days
Hi!


I don't deposit such..I am in no mood for serious banking catastrophe #2. In fact...I'm still not completely over #1..and that was more than 7 years ago.





If I didn't know the person..there is no way I'm depositing a check I got in the mail from a stranger.





If I could not go to a local branch of the bank the check was draw on..and get cash..I would ignore it.





I don't take checks. I don't write many of them either.





Oh..it can take more than two weeks to find out a check has bounced. Just be careful..please?
It looks like others have answered the question as it pertains to the ';safe'; period, but I want to address the root issue here.





You can have a GUARANTEE that the funds are going to clear by being paid in cash, paypal, money order, or cashier's check.
the three day hold is so they can make sure the funds are there. fell safe to spend spend spend
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