In the past I have deposited large checks from both local and non-local banks that have been placed on hold for up to sixteen days. I recently deposited another large check, and two business days later my bank contacted the bank that it was drawn on and verified that the funds had cleared. Do I have access to the funds now that they have cleared the sending bank?
If your bank placed a hold on the deposit in question, don't assume that you have access to your funds simply because the deposited check has cleared. There is nothing automatic about early hold releases. There is no notification when things go right, only when something goes wrong. If your bank knows that the deposited check has cleared, you certainly have reason to ask if it has released the hold.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
If your bank placed a hold on the deposit in question, don't assume that you have access to your funds simply because the deposited check has cleared. There is nothing automatic about early hold releases. There is no notification when things go right, only when something goes wrong. If your bank knows that the deposited check has cleared, you certainly have reason to ask if it has released the hold.
