Thursday, February 11, 2010

How long does it generally take a check to clear?

My rent is due on Tuesday, May 5. I will not have the full amount of it until Thursday morning, May 7. If I were to write a check and take it in right before they close Tuesday night, is there a chance it will clear by the next day? I use Bank of America (not sure what they use), and my previous checks have all cleared within 5-7 days of writing and delivering the check. Would it be safe to write the check? Or would it bounce?





TIA!How long does it generally take a check to clear?
It is not safe to write the check. Too many things can go wrong. The banks are supposed to ';clear'; the checks within 2 days. In the old days the banks would purposefully delay the clearing so they could make money on the ';float'; (not all banks but some). Now they have to clear them in 2-3 days.


Tell your landlord that the money will be ready on the 7th and ask for a forgiveness of any penalty for being late.How long does it generally take a check to clear?
It's a 50/50 chance it will clear. On the back of a canceled check when you paid the rent previously, it should have the name of the bank.

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