If there is an eleven business day hold put on a check that I deposited to my checking account on May 14, shouldn't the funds be available on May 29? My bank says it will be available June 1.
The hold is determined by counting the number of business days after the banking day of deposit. Business days are weekdays only, and exclude ten specific federal holidays.
As it happens, one of those federal holidays, the last Monday in May (Memorial Day - May 25 this year) falls in the middle of your 11-business-day hold period. That makes the 11th business day June 1 in the year 2009.
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
The hold is determined by counting the number of business days after the banking day of deposit. Business days are weekdays only, and exclude ten specific federal holidays.