10 day delay until bank deposit funds will be available

[debodun]

I deposited a check today in my bank account. Since the lobby is closed, I had to use the drive-thru window. When my receipt was returned, there was a paper with it indicating that the funds deposited will nor be available until January 21st. Why is that?

 

[Jeni]

I deposited a check today in my bank account. Since the lobby is closed, I had to use the drive-thru window. When my receipt was returned, there was a paper with it indicating that the funds deposited will nor be available until January 21st. Why is that?

That seems like a long time ... do they have a customer service line you can call?

 

[Jules]

I hope this isn’t the closing funds from the sale of your house.

Was this check certified? The receipt doesn’t know if it is or isn’t.

 

[Harry Le Hermit]

Why is that?

I would guess it was a paper check over $5,000. The bank wants to make sure the check clears the originator's bank account. Banks generally do that for lesser amounts and shorter time frames, as well.

Wire transfers or cashier's checks have much quicker turn around.

 

[Gardenlover]

It's my experience that all checks should clear within three business days at the most. As Jeni mentioned, I would call the bank and ask why it needs to be ten days.

 

[OneEyedDiva]

I hardly ever use ATMs and never trusted them to make deposits of any kind. Your bank representative can answer the question as to why so long better than we can, I'd hope.

 

[terry123]

I would guess it was a paper check over $5,000. The bank wants to make sure the check clears the originator's bank account. Banks generally do that for lesser amounts and shorter time frames, as well.

Wire transfers or cashier's checks have much quicker turn around.

Exactly right. My sister worked at a bank for 20 years and its a common practice.

 

[debodun]

I hope this isn’t the closing funds from the sale of your house.

Yes, it was. On further investigation, I was informed that the check exceeded their deposit limit of $5525, if I understood them correctly.

 

[fmdog44]

Something has changed as I moved money from my checking account to an online bank and it will take 4 days and that has never been the case.

 

[Aunt Bea]

Something has changed as I moved money from my checking account to an online bank and it will take 4 days and that has never been the case.

I had a similar delay recently moving money from my bank checking account to my brokerage trading account.

It actually took six calendar days before the money was available.

Also, I did not receive an email notification on either end to confirm the transactions.