I was told that if I made a deposit into my bank account with a cashier's check from another bank, it would be five days before the funds would be available to me for use. Why?
The only reason for this might be that the banker to whom you put the question doesn't understand the regulatory requirements involved. If the cashier's check is for more than $5,000, the bank could delay availability of the portion of the check over $5,000 for up to seven or eleven business days, depending on the location of the two banks (the check issuer and the depositary bank). If the bank has a reasonably-based doubt that the cashier's check will be paid, it has the option of refusing to accept it for deposit or to delay access to the entire check amount for up to seven or eleven business days.
Once the bank is aware that the check you are depositing is a cashier's check and assuming that neither of the mentioned holds would be used, the cashier's check amount should be available to you for withdrawal on the business day following the day you deposit it.
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The only reason for this might be that the banker to whom you put the question doesn't understand the regulatory requirements involved. If the cashier's check is for more than $5,000, the bank could delay availability of the portion of the check over $5,000 for up to seven or eleven business days, depending on the location of the two banks (the check issuer and the depositary bank). If the bank has a reasonably-based doubt that the cashier's check will be paid, it has the option of refusing to accept it for deposit or to delay access to the entire check amount for up to seven or eleven business days.