I had an account at my bank and had to close it because of a fraud against it. I decided to open an account in another bank, and my bank gave me a Cashier's Check from Texas that I deposited in my new account in Miami, last June 17. The funds are not yet cleared, and they told me I have to wait until June 30 to have them cleared. Is this time frame normal?
Your Miami bank should have provided you access to the first $5,000 of your deposit on the first business day after the check was deposited. The rest of the deposit, however, could be held for as much as nine business days, based solely on the fact that the deposit was for more than $5,000. The ninth business day following the day of deposit in this case is, June 30. Only weekdays, not holidays, are counted, no matter what the business hours of the banks.
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Your Miami bank should have provided you access to the first $5,000 of your deposit on the first business day after the check was deposited. The rest of the deposit, however, could be held for as much as nine business days, based solely on the fact that the deposit was for more than $5,000. The ninth business day following the day of deposit in this case is, June 30. Only weekdays, not holidays, are counted, no matter what the business hours of the banks.
