Do banks differ in the time that they can hold a depositedcheck? Is there a dollar limit on how long a check is held for deposit?
There is a single federal rule that applies to all banks and credit unions and sets limits on the length of holds placed on deposited checks. Each bank can establish its own policies within those limits, but must disclose what its normal policy is and notify customers when it places holds that are longer than normal. Because different banks, even in the same community, may have different risk tolerance, one may place fewer and shorter holds than another.
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There is a single federal rule that applies to all banks and credit unions and sets limits on the length of holds placed on deposited checks. Each bank can establish its own policies within those limits, but must disclose what its normal policy is and notify customers when it places holds that are longer than normal. Because different banks, even in the same community, may have different risk tolerance, one may place fewer and shorter holds than another.
