Monday, February 22, 2010

How long would it take a $10,000 check to clear?

My grandmother recently sent two checks actually. A $5,000 check in my name and a $5,000 check in my mothers name. But we are putting all the money in my account in my name. Does anybody know how long it will take for these checks to clear???How long would it take a $10,000 check to clear?
I used to work in a bank years ago but depending on where the check came from, they could hold it up to 11 days if I remember correctly.


It also depends on your account. If you constantly have $7000 in your account, had the account opened for many years, and don't have any bouncing check problems then there might not even be a hold.





If you need the money to be available, go to the bank the check is drawn on and get it either cashed or get a cashier's check. After that, then you put it into your account.





If they put a hold on the checks though, you are entitled to $100 immediately.How long would it take a $10,000 check to clear?
Well, depends where your grandmother was send the money from...the hold time on checks varies from bank to bank....from my estimation maybe around 2 weeks or so.
Typical hold time is 5 business days. One calendar week basically.
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