I recently opened a bank account and deposited a $17,000 insurance check on which the bank placed a hold. How long can the bank have a hold on the check before I can use the funds?
If you are a new depositor at a bank, there is a 30-day period during which there are effectively no limits on the duration of holds that might be placed on checks you deposit (other than "near cash" checks like cashier's checks and certain government checks, and electronic deposits).
The bank should have provided you with disclosures on what types of holds it may place on new accounts. If you are uncertain how long the hold on your insurance check will be, contact the bank for clarification.
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If you are a new depositor at a bank, there is a 30-day period during which there are effectively no limits on the duration of holds that might be placed on checks you deposit (other than "near cash" checks like cashier's checks and certain government checks, and electronic deposits).