How quickly can I get money after I deposit a check into my checking account? What is a deposit hold? | Consumer Financial Protection Bureau (2024)

FAQs

How quickly can I get money after I deposit a check into my checking account? ›

Generally, if you deposit a check or checks for $200 or less in person to a bank employee, you can access the full amount the next business day. If you deposit checks totaling more than $200, you can access $200 the next business day, and the rest of the money the second business day.

Generally, a bank must make the first $225 from the deposit available—for either cash withdrawal or check writing purposes—at the start of the next business day after the banking day that the deposit is made. The rest of the deposit should generally be available on the second business day.

Generally, a bank must make funds deposited into an account by a government check available for withdrawal not later than the business day after the banking day on which the funds are deposited into an account held by the payee of the check and in person to an employee of the bank.

The hold allows us (and the bank paying the funds) time to validate the check – which can help you avoid potential fees in the event a deposited check is returned unpaid. Keep in mind, though, that a check may still be returned unpaid after funds have been made available to you.

In most cases, no. Some banks allow you to receive your funds immediately if you pay a fee. Or, they may allow a portion of your check, like $200, to be available in your bank account immediately. In other cases, you will need to wait at least one-to-five business days for the full check amount to be available.

Once you receive a check, you may not have immediate access to the full amount when you deposit into your bank account. Usually, it takes up to two business days for a deposited check to fully clear. This may be true even if your stated balance indicates otherwise.

In many cases, there is nothing you can do if the bank has a hold on your deposit. You can check with your bank to make sure there isn't an error, but you'll most likely have to wait until the hold clears.

Funds deposited electronically or by cash are generally available by the business day after the banking day they were deposited. Review your deposit account agreement for policies specific to your bank and your account.

In 1987, Congress passed the Expedited Funds Availability Act (PDF) (EFAA), to address concerns about the lengths of holds banks were then placing on checks deposited by their customers. The EFAA establishes maximum permissible hold periods for checks and other deposits.

You just bought a security from the U.S. Treasury. Securities are generally issued to your account within two business days of the purchase date for savings bonds or within one week of the auction date for Bills, Notes, Bonds, FRNs, and TIPS.

Is a treasury check a next day item? ›

Treasury check deposits, however, must be given next-day availability regardless of whether they are made at staffed teller stations or ATMs.

Treasury checks can be deposited or cashed for up to one year after the date on the check.

Immediate Funds^℠ from KeyBank lets you access your money immediately when you make an eligible mobile check deposit. Immediate Funds: Simple. Quick. Easy.

Funds deposited before 9:00 p.m. ET on a business day will generally be available the next business day. Funds deposited before 8:00 p.m. PT on a business day will generally be available the next business day.

A "reasonable" period of time can range from two business days to up to six business days. A hold can also be placed if a bank has reasonable cause to doubt the collectability of the check. The portion of a deposited check that exceeds $5,525 can be held for two to five business days.

Key takeaways. It generally takes about two business days for a check to clear, but this may vary depending on the check amount and the specific bank or credit union's policies. Some checks may clear faster, such as checks issued by the government and certified checks.

Deposits made to a Bank of America account are not available for immediate withdrawal. Unless a hold is placed, deposits on a business day before cutoff time will be processed that night and are generally available the next business day. To learn more about holds and how to avoid holds, visit the Deposit Holds FAQs.

You'll normally need to wait 1 working day after the day you pay the cheque in for it to clear, so if you pay a cheque in on Monday (before 3.30pm) it will usually clear by Tuesday.

However, the fact that funds appear in your account does not guarantee there won't be future complications if the check was indeed previously deposited. The bank may later identify the duplication, leading to the withdrawal of the funds and possibly imposing fees for the error.