When depositing a personal check given to me for $5,000, what would be a reasonable hold time before it clears? Are there limits to hold times imposed by law?
There are legal limits on such a hold. They can vary depending on where you deposit the check and where the bank on which the check is drawn is located. Normally, funds from such a check should be available to you no later than the fifth business day (one calendar week) after the day of deposit.
In some cases, a bank may place an exception hold, if it notifies you of same. Such a hold could last until the 11th business day, two calendar weeks plus one business day. If your deposit is made on a Friday, the hold could remain in effect until the third following Monday.
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There are legal limits on such a hold. They can vary depending on where you deposit the check and where the bank on which the check is drawn is located. Normally, funds from such a check should be available to you no later than the fifth business day (one calendar week) after the day of deposit.