I deposited two checks, both certified, both over $10k into my savings account nineteen business days ago. My bank is telling me that these checks have still not cleared for withdrawal. One check is a transfer from my 401k (that took over a month to receive), and the other is a certified check as a restitution payment that the guilty party had to pay to the courts on a monthly basis and the court gave to me. Why is this? Why can I not get to my money?
There is no federal regulation or law covering the availability of funds deposited to a savings account by check. Your bank is free to establish its own policies and procedures on making funds in such accounts available, unless there are state requirements that affect the deposits.
Nineteen business days seems to be an overly long time to wait for access to funds deposited by certified check. If you had deposited the checks to a checking account, the norm would have been to make the funds available on the first business day after the day of deposit, and the bank would have to provide you a specific notice if it decided to delay that access.
Holds of unconscionable length on checking account deposits were exactly what moved Congress to act long ago to pass the Expedited Funds Availability Act. Banks that impose such long holds on savings account check deposits are inviting Congress to up the ante and impose some form of funds availability requirements on savings accounts.
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There is no federal regulation or law covering the availability of funds deposited to a savings account by check. Your bank is free to establish its own policies and procedures on making funds in such accounts available, unless there are state requirements that affect the deposits.