Is it standard procedure for a bank to hold funds for more than sixty days from a very large check ($21 million) that is deposited?
Assuming that the bank is located in the U.S., and the check is drawn on a U.S. bank, and if the check is deposited to a checking account, the funds from the check should be available for withdrawal on the second business day following the banking day of deposit if the check is drawn on a local bank, or on the fifth business day following the banking day of deposit, if the check is drawn on a non-local bank. Local means a bank in the same check processing region as the branch of the bank where the deposit is made. Check processing regions are larger than individual states.
Under limited circumstances, access to all or part of the check amount can be delayed until the seventh (local checks) or eleventh (non local checks) business day after the banking day of deposit. If the check is deposited to a savings or time deposit account, there are no federal limits on the duration of holds. State laws may impose hold limits in those cases. If the check is drawn outside the U.S. or in other than U.S. dollars, there are no limits on the duration of a hold.
Published on BankingQuestions.com 4/17/08
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Assuming that the bank is located in the U.S., and the check is drawn on a U.S. bank, and if the check is deposited to a 