In the USA does it take 10-14 days for a cheque to clear?

Muskrat said:
Depends on the type of check (who it is from), amount, whether it is drawn on same bank. And of course which bank it is deposited into.
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well it's simply someone who is selling very small items, and she's only selling them within the USA....
 

Depends on how you do it. Most banks now have electronic deposit. You scan the check with your phone using your online app, and it is credited to your account at the end of the day. No trip to the bank needed, and it takes about two minutes.
 
bobcat said:
Depends on how you do it. Most banks now have electronic deposit. You scan the check with your phone using your online app, and it is credited to your account at the end of the day. No trip to the bank needed, and it takes about two minutes.
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watch this...

first couple of minutes

 
On the whole, no. It largely depends on the circumstances and who the check is from AND how much you already have in your accounts.

For instance, deposit a check from the government, another banking institution, or some other trusted institution, it'll clear quickly.

Deposit a questionable "counter check" from Joe Blow for $100,000 and YOU don't have $100,000 in your account ALREADY, they're going to want that $100,000 firmly in their hot little hands from Joe's verified account before they pass it onto YOUR hands.

If Joe's check turns out to be shady or he disputes the check, they're going to make sure you have money in their bank that they can freeze.

Everything is done electronically now so that speeds everything up immensely, but there are still scam artists still try to get around it, so the banks have been forced to get wilier.
 
Smaller banks and credit unions are great to use but they typically are slower. On a side note, I think banks have a secret list of people that have bounced checks or are closing businesses. I received $1000 from a prior client once, who was closing a business, deposited it in a major bank and it was written on a major bank and it took 2 weeks to clear.
 
The thing is this lady in the video above is selling very small items for a few dollars, around $7 or $8 ... and she's saying that the cheques will take all that time to clear.. I was stunned..not that I;m buyig anything from her..but even so...
 
I watched the video (kind of weird because I used to watch Granny!) and in this case, with individuals sending checks, and most likely some of them subject to bouncing, I understand why it's being done. You wouldn't find out immediately if someone's check is going to bounce... and if you already sent the merchandise, you'd end up taking the hit.
 
I don't think it's the bank that causes delays in processing checks (cheques 🙂). Today, with electronic checks, if there's a delay, it is with the businesses who take their time to deposit checks. My doc is part of a consortium of hospitals/doctors, it took well over a month before they finally deposited my check. Using snail mail only enhances wait time.
 
hollydolly said:
watch this...

first couple of minutes

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At most banks, it shouldn't take more than 5 days max for a check to clear, and many have same day funds availability. Perhaps she doesn't go to the bank everyday, so she is allowing herself a cushion. Either that, or she is operating on outdated knowledge of how long it used to take years ago. Just my guess.
 

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