How long does it take for a check to clear? | Taste of Home Community  
Show Subscription Form




How long does it take for a check to clear?

Last post Nov 18, 2005 3:26 PM by Tallan_NC . 12 replies.


Forum Jump:
Page 1 of 1 (13 items)
  • How long does it take for a check to clear?
    DH and I have been using the same bank for a few yrs now. Whenever we would deposit our payroll checks (from a different but in town bank), our funds would be available the next business day. Well our bank merged with another bank and now they are saying 3 business days. What the crap (pardon my French LOL)! When its going out its out within hrs yet coming in it takes 3 days??????
    False
  • RE: How long does it take for a check to clear?
    Three business days? Not uncommon, but a big pain in the you-know-what.

    I would open an account at the bank that your payroll checks come from. Then they would probably clear on the same day. Or else, cash your checks at the other bank and deposit the cash in your current bank.
    False
    "...good things come to those who wait. True, but unless you're making a souffle or catching the bus, better things come to those who do something."--Amy Alkon demotivational posters
    see more
  • RE: How long does it take for a check to clear?
    it should be happening quick, not slower!
    bet they cash the checks you write in a hurry
    False
  • RE: How long does it take for a check to clear?
    You'd be surprised at how many payroll checks bounce! That's why the bank usually holds the money until the check clears unless you have enough in your checking account to cover it. Usually any check you deposit will be held until it clears.
    False
  • RE: How long does it take for a check to clear?
    Would the initials of this bank happen to be W.F. by any chance? I absolutely loathe this bank, I'd rather hide my money in a coffee can in the backyard than bank with them. I'm a bookkeeper and the company I work for banks with W.F., but we'll be changing soon!!
    False
  • RE: How long does it take for a check to clear?
    Another fleecing of America.
    False
  • RE: How long does it take for a check to clear?
    I thought when they reorganized last year, one of the things that they did was streamline check-clearing, so that it was practically instant?

    Call the Federal Reserve and ask them, so that you get the best, most accurate, most up-to-date answer possible.
    False
  • RE: How long does it take for a check to clear?
    It's instant on the money coming out of your account, not necessarily on the bank giving you credit, which isn't right. I do know that my son normally has instant access - well, one day until the "cash letter" runs through the Fed, when I deposit his money down at school. The 3 day hold may just be a CYA on the bank's part in case the check is bad. Call them and ask.
    False
  • RE: How long does it take for a check to clear?
    Maybe you could see if the employers would do direct deposit. I don't think there is generally a hold placed on EFTs into an account.
    False
  • RE: How long does it take for a check to clear?
    My son works for the County. When he deposits his payroll check they will not give him cash back - they say they have to hold his check for 3 days. Even though it's a County check written on an account at their bank. (It's Bank of A) So he goes to another bank (home owned)where he has a savings account, to cash his check and then deposits cash into his BofA account. It takes some time every two weeks to do this but he likes to use his BofA account for some reason!

    I have direct deposit. My check is always in the bank the day before payday! My son's employer does not offer that. I would advise you to get direct deposit if your employer offers it.
    False
  • RE: How long does it take for a check to clear?
    The "float" time -- the period between when you write the check and when your bank actually cashes it -- was elimininated when Bush signed the "Check Clearing for the 21st Century Act" also known as "Check 21". This went in effect Oct. 28, 2004. Now banks no longer have to physically send paper checks to one another, its all digital and instead of taking days for a check to clear, it will take only hours.

    Conversely, when you make a deposit, banks used to place a "hold" on out of area it in order to allow time for them to clear. Once again the consumer gets the shaft, because the Act did nothing to reduce this hold time and now the banks can use it to there advantage... as in your ccase.

    The banks can use the same electronic method to process a deposited check and credit your account immediately, but now they can hold the money -- a reverse "float" -- where the bank does not credit your account for ua long as 10 days while they enjoy the benefit earning interest on your money in the interim period.



    False

     

    "Wit is educated insolence." Aristotle

  • RE: How long does it take for a check to clear?
    i get my paycheck via direct deposit. . .today is payday, and the money was in my account and available a few minutes after midnight last night. . .
    False
  • RE: How long does it take for a check to clear?
    Here is some banking advice;

    When depositing your paycheck, ask for next day availability. They can stamp your deposit so there is no hold. If it runs directly thr (without the stamp) it's based on your relationship with the bank. If the teller can not authorize it ask for the head teller.

    Also, I believe you can get more availability still through the ATM.

    Second option, have your payroll direct deposited if possible.
    False