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 to 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, as it’ll depend 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 and the funds will be available as per the date mentioned on the slip. In some cases, it may be delayed for a longer period of time. 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. The bank will use many factors to determine if a deposit hold will be placed, including your account history and account balances, which can change over time. Banks will also look look at the dollar amount and type of check being deposited.
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.
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 even more. 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.
Although many banking customers confuse the terms “fund availability” with the time it takes for a “check to clear” at the bank, it’s important to note that they are two separate things. Even though the deposited amount may be partially or fully available to you after the deposit, 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 immediate availability when the check deposit is made. However in some cases, the bank may place a hold on the deposited check in the process of collecting funds from the paying bank.
When will you know the check has cleared
One way to determine if your check has cleared or not is by looking at the check image shown on a paper or online statement — the date of when the check is processed would be printed on the check. As an alternative, you can call or visit the bank to know the exact date when the check was cleared.
None of the banks in America that will be able to provide you with the exact time as to how long it would take for a check to clear — which is essentially the time it will take for your bank to verify the check you have deposited before it’s ready for withdrawal.
There are two main players involved in this multi-step process — and the paying institution weighs heavily on determining the time. 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.
Note that immediately following a deposit at a bank, 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?
Note that 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 and ready to be transferred anytime by the bank that issues the check. 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.