How long can the bank legally hold a three million dollar deposit?
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The answer depends on how the deposit was made, and if made by check, the type of check and the location of the bank on which it's drawn. Funds deposited electronically are required to be available on the banking day the bank receives final payment for the deposit and the information to apply it to a depositor's account.
Funds deposited by check could be available in part on the business day after the day of deposit or as late as ten business days (generally, two weeks) later.
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The answer depends on how the deposit was made, and if made by 