I recently received a cashier's check from my mortgage company. When I attempted to cash it at one of its bank's branch offices, I was told that there would be a 24 hour hold put on the funds. Does this sound correct, that a financial institution that issues a cashier's check places a 24 hour hold on their own check?
Whether or not the check was the bank's or its affiliate mortgage company's, it is normal for a bank to delay access to deposited funds until the business day following the day of deposit when the deposit involves a check drawn on the same bank. Even a cash deposit is not made available at many, if not most, banks, until the following business day. It would not be routine for a bank to delay available longer than until the start of the next business day, however.
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Whether or not the check was the bank's or its affiliate mortgage company's, it is normal for a bank to delay access to deposited funds until the business day following the day of 