How fast do checks clear bank of america

Like people from India do. What can I do now to retrieve back my money. You may even find that the bank will hold it for a little longer for further investigation.

MBA, what's the return on an 8-day investment? We talking about the Mafia? Loan sharks? Big deal. I date my rent checks for the 1st, but usually drop it off the day before.

Then they can't try to cash it as soon as I give it to them. They said at the very beginning it will take 14 days. When did someone say "they didn't cash my check in time, and they didn't give me interest"? Interest, especially how low it is, is irrelevant. Many accounts don't cost anything, so there's only one way for them to make money, I assume, being investing it.

What I'd like to know is whether or not the check that a contractor sent me is real or rubber? If the check is real, the money's there, I'll release materials to them now. The fact that a bank may or may not pay interest from the date of deposit does not preclude them from uses the money elsewhere while it's being held.

Especially in USA. Funds availability is fraud protection. Apples and oranges. Hold or not. Obviously Mr. MBA, you have never seen a bank statement. It lists the posting date only and never the availability. Your premise is invalid. In my state it's a misdemeanor, not a felony.

MBA" are both idiots Yields are pretty near zero right now for investments as short-term as you site. Yes banks do float money, but with the numbers you are throwing out there it seems like you have an agenda. Masters in econometrics here. If it was well after six pm, then you might be alright. However, the micr strip was picked up on the deposit and transferred to the Fed that evening for verification, etc after passing it to your bank and back.

At that point, the check just bounced! Then again Its a gamble! Sometimes it may work, and most times it wont. To be honest, lending is where a lot of the profit is, but it is also the backbone of the economy in this country. So it is not corruption. It is profit, and it is how banking is supposed to work. If check bounces there is going to be very steep fines to pay for both landlord and yourself. They just made over 1.

This goes on every single day. It's a corrupt cycle the Feds allow banks to do. All banks do this and the Feds let them do this knowing they are cash cows. Clearly, this is an example of exactly what you cite. Do we as consumers have no recourse other than to switch to another bank? Will i have enough time to go to the bank in the morning to put cash into it for it to clear?

It's all about business and using your money as leverage before giving it to you. Banks make hundreds of millions of dollars doing this Wells Fargo just happens to be the worst and greediest in the industry. So while you are waiting for your much needed money, Wells Fargo is floating that money with thousands of other customers accumulating interest.

It's a corrupt cycle in the banking world that ultimately hurts the end user It feels like I am being bilked. Where is my money during this period of unavailability?

The other party placed a stop payment after the deposit. My bank released the funds. However the party stating their bank frozen her account. I show no return check and its 3 days. What do I do next? A check that size should be placed in an interest-bearing account.

Most bona-fide tax refunds are available within 3 days. Polite suggestion: Have your refund directly deposited into your checking account there is a line on the tax form for this - the refund will be as much as 30 days faster than the standard check refund.

Personal checks might be held for a longer period of time. A very large check might take longer. I don't think this is legal. Check the banking laws of your state and find out the regulations, or consult the State Attorney General. And if they are going to hold YOUR money for 60 days, who is collecting the interest? Have you escalated your case to the bank manager? Banks often make the funds available to you even though the check may not have cleared. Depending on the situation and state laws, the bank customer is often responsible for ensure that the check is legitimate before submitting it for deposit.

When you actually deposit it, Bank of America will notify you of the approximate date that the all the funds will be available. You should expect it to take about 7 business days for it to clear -- with the possibility that the bank could hold it for longer. Your bank will usually tell you the approximate date that the funds will clear. My account is not in the neg. But we dont have money just sitting there too often..

I would suggest waiting even up to 1 month before touching those funds to ensure that the bank doesn't remove those funds for other reasons. Using my online check capture I deposited it into my bank. Assuming my bank would deny it if it was already put through. To my surprise it was deposited.

I left the money in my account just in case it didn't clear. A few days later I contacted my bank to see what was going on. They didn't give me much information. How or when will I know if it's cleared? I have unsecured LOC baking up my checking account.

They have hold on 21K, although it's funny that they show 33K in the account I deposit a check in their teller. On the next day the fund were there. But when i try to take some of it out they put a Hold on my account and i saw that little witch banker do it.

I have to wait 2 week and I feel it's disgusting and unacceptable what they did. You also need to try and go in when you can so you have that personal relationship.

Also if you think you can;t join one Most all CU now accept anyone as long as you live in the county or belong to some organization or have graduated from some school, etc etc etc etc. I promise there is a CU that applies to everyone these days.

Biggest problem sometimes is the good ol US Postal service. Ive mailed checks across the country and had the funds available im 4 days, other times its taken as much 2 weeks. And look out if a weekend in transit intervenes! Best way is to wire funds. The actual clearance time will depend on the bank and your banking history. That may be in the tiny legal print policy as being normal, but it shouldn't be normal. They should strive for better service.

Seems like a drastic measure for Chase to freeze your account over a stopped check payment. I deposited 6k check from a customer of mine for a car and it put 2 week hold on it. Didn't give any immediate short term credit. The customer was upset that I held the car so stopped payment on check and gave me a cashiers check.

I took it to his bank and got the cash. Long story short. Chase froze my card and account a day before my family and I left for hawaii. Closed it and I had over 10k already before the deposit. It really hurt our vacation and I lost faith in banks. I now spread my money out with different banks and some cash at hand for emergency. I should have listened to my great grandfather when he told me that. He learned the hard way in the great depression. I feel everyone's pain. Accounts that have negative history—that is, accounts that frequently bounce payments or go into overdraft —may also have checks held.

The payer also has a lot to do with hold times as well. If you've never deposited a check from that person before—and it's a sizable amount—your banking institution may choose to hold it until it clears.

Certain institutions may hold checks that are deposited through mobile banking apps or through the automated teller machine ATM. These deposits have to be verified and cross-checked before the bank can release the funds. It's always a good idea to check with the bank about its policy when it comes to its hold times for these types of deposits. When you deposit a check, whether at an ATM, a teller's counter inside the bank, or a drive-through window, you typically get a receipt that usually says when the funds will be available.

Keep the receipt handy until the check clears. The funds-availability date on the receipt lets you know when it may be time to contact the bank regarding hold inquiries. If you don't receive a receipt, however, you'll need to contact your bank to check on this. There are times when the bank will override the hold for you.

In cases of emergency, if the hold has been on too long, if you're a really good customer, or if the bank decides to verify the check at the time of the deposit, you may be off the hook.

That generally requires a trip to your branch. Although it will cost you some time, it may be worth it if you need the funds right away or if it's a large check that just can't wait. Depending on the amount of the check, you may have access to the full amount in two days.

Some banks make a portion of the check available immediately or within one business day. The bank may be likely to clear checks right away if you have a consistent history with a certain payer. Say, you're a freelancer and receive checks every other month for work you do for that company. The bank may hold the initial check to make sure it clears.

If you let them know you are expecting similar checks from the same company on a regular basis, the bank may release the funds to you for subsequent deposits after a pattern is established. It bears mentioning again that large deposits may come with longer hold time.

The number of days the bank holds these checks depends on your relationship with the institution. You're more likely to get the money immediately—or within fewer than 10 days—if you have a healthy account balance and no history of overdrafts. A history of overdrafts and low account balances may mean you'll have to wait the full 10 days to receive the money.

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Get all FAQs». Expand all panels Show all panels Hide all panels. What types of checks are accepted with Mobile Check Deposit? When will my funds be available? What happens if there is an issue with the deposit? What are my monthly check deposit limits? What time do I need to deposit my check in order for it to be available the next day?

Eastern and Central time zones: 9 p. ET Mountain and Pacific time zones: 8 p. Are there any fees? What are some common troubleshooting tips? How do I take a good picture? Have good lighting and lie the check flat on a dark background Ensure all four corners are visible Detach the check from any check stub or cover letter Hold your device steady directly over the check not at an angle to take the picture automatically, or tap the camera icon to take the picture manually.

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