Thursday, February 18, 2010

How long would it take for a check to clear another account in another state?

my son deposited a check into his account today, I told him not to until I called him, but he did it anyway. I won't have enough money to cover it until the 3rd. we live in different states.How long would it take for a check to clear another account in another state?
Not all banks were closed yesterday 01-02-07. Mine was not. I talked to my bank about check21. They told me that were not allowed to use it and had to process checks the normal way. If you have overdraft protection you should be ok. You may have to pay $25.00 for accessing your coverage. Check21 is mainly for businesses. With the post off being closed on 01-02-06. That should delay it.How long would it take for a check to clear another account in another state?
you are fine. If he did it today (Saturday), it will not be processed until the next business day. Which is on Wednesday, because of the holiday on Monday %26amp; the added holiday on Tuesday for Pres. Ford. It will be as if he put it in on Wednesday. After that, it will probably take a few days to go through your bank.





Banks themselves usually dont do the Check 21 thing (not that his wont), that is mostly done by companies that are cashing checks from you.
With the check 21 law, it can be almost instantly.
Recent changes in banking laws could see the check clear in as little as 24 hours or less. Expect it to be quick as much of this is not happening electronically. It may take longer, but don't count on it.





I would call your bank and let them know what happened. See if they have any solutions.
Most checking transactions are processed electronically at the point of sale or deposit as permitted by the new Check-21 law. Those checks clear (or bounce) immediately.





As today is a non-banking day (hopefully his bank is closed on Saturdays) and Monday is a holiday, it's probably 95% certain that the check will process on the 2nd. If funds are not in your account on the 2nd, it will bounce. Sorry.
Wait a least 10 business days after depositing since its an out of state check.
Most likely he deposited it now realizing there would be a hold on the funds until it cleared your account. He probably thought if he wasn't going to draw off of it that it would be fine. I thought it took only a couple days to clear now. As this is the weekend and Monday is a holiday, banks won't be processing the check until at least January 2. I would call your bank as soon as possible on Tuesday and let them know. Perhaps they can hold it for processing one more day. Of not, the only other thing you could do is to get a payday loan for a day, but that will cost you an extra fee.

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