Tuesday, February 23, 2010

How long does a out of state check take to clear?

3-10 days. It really depends on the bank. Washington Mutual will automatically hold it for one week. Wachovia holds it for three days. Check your bank.How long does a out of state check take to clear?
Depending upon where they check is deposited and which Federal Reserve District it clears from in the country. If the check clears in the same district it will clear in as soon as same or next business day. If out of state and in a different Fed Reserve District it could take up to 3-5 business day. Keep in mind, many financial institutions now use what's called ';Check21'; which allows checks to clear electronically and can be immediate. Unfortunately, there's no exact science as to how long it takes for any check to clear. Many circumstances can delay or speed up the check clearing process. Your financial institution should be able to tell you what Fed Reserve District there in vs the one your check will clear from. The district is the first 4 #'S of the routing # on the bottom of the check. This is the reason for check holds and extended holds on checks accepted at a financial institution. The financial institution has to protect there interest as well as the customers. I hope this helps.How long does a out of state check take to clear?
depending on your bank... but usually it takes 3 days. Things are fast now with the computers.
7 business days.
It takes 10 days
It used to take a few days but now it can clear in a matter of minutes due to a change in the way checks are processed. Now the banks take a digital picture of your check and send it to other banks via the Internet. This new process is a result of the fed's new Check 21 Act. So, don't count on a slow processing to save you from a bounced check. It's always better to have the money in your account before you write a check on the balance.
Anywhere from 3 to on the extreme 10 business days. 5 is the usual average. All depends on your bank and the check. A lot of banks are taking more precautions due to higher fraud on checks lately.

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