When will my check clear? This is something many banking customers wonder about after making a deposit, as it’ll give them a good idea of when their money will become available for withdrawals and transactions. Find out how long it takes for a check to clear at the top 10 banks in America.
Ways to know when your deposited check will clear
In most cases, you will receive a deposit slip with the date and time of when the check will be cleared and the hold time on the check, if any, when you make a check deposit at an ATM or the bank. Note that this time will be different for all depositors, and depends on various factors.
The actual time of how long it will take for the check to clear will not deviate too much from the expected time presented on the deposit slip. You can expect the funds to be available as indicated on the slip, however, there are instances when it may be delayed. Several factors may delay your bank from receiving the funds.
Holds on checks
A “hold time” refers to how long the check will be placed on hold, and banks use many factors to determine this, including your account history and account balances, which can change over time. The dollar amount and type of check being deposited also matter.
In the case that the check cannot be cleared, a hold will be placed on the check, at which time it will be resubmitted for approval. This will prolong the process. Other reasons for delay may be a frozen, blocked, or closed account and insufficient funds. Unfortunately, it will be unclear to the customer why the funds have been put on hold until the check is actually submitted.
However, if nothing looks out of the ordinary, your bank should receive the funds from the paying institution within five business days — at which time the check will clear.
Fund availability vs. time it takes for a check to clear
Although many banking customers confuse the terms “fund availability” with the “time it takes for a check to clear,” it’s important to note that they are two separate things. Even though the deposited amount may be partially or fully available to you, it may not actually be yours until the check completely clears at the bank, as your bank may not have received the funds for it yet.
The fund availability policy that your bank means that you do not have to wait for checks to fully clear before getting access to the deposited amount.
Most banks will generally provide the depositor with at least $200 for immediate availability after the check deposit is made. However, in some cases, the bank may place a hold on the deposited check in order to collect funds from the paying bank.
When will your check clear?
Due to the factors mentioned above, it’s difficult for your bank to tell you exactly how long it’ll takes for a check to clear.
There are two main players involved in this multi step process — and the paying institution weighs heavily on determining just how long you’ll have to wait. For this reason, even the approximate time as to when it will take to clear a check cannot be determined until the check is submitted for payment of funds.
If it’s been a few days and you’re curious to see if your check has cleared, you can check your online statement or call your bank.
When checking your funds online, you will probably see two different figures listed for your “account balance” and “available balance.” The available balance indicates the amount you have to use at your disposal and the account balance shows the total amount you have in your account — including money that has yet to clear.
What about cashier’s checks?
The rules are different when it comes to cashier’s checks. It is more secure than a personal check, as the funds are held by the bank. Therefore, the verification process of the paying institution is curtailed significantly, making it possible for most banks to have the funds available to you by the next business day, in most cases.
This is unless the bank suspects the cashier’s check to be fraudulent — at which time, they may take up to several weeks to verify the check.
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