I am going to be getting a large amount of money and I want to know when its in the bank. How long will they hold it, and can I withdraw a hundred thousand when I have it in the account?
The bank could provide you next-day access to your funds, or withhold that access until the seventh or eleventh business day after you deposit the check, depending on the location of the bank the check is drawn against. You should talk to the bank to find out when you'll be able to withdraw funds . Let the bank know your plans in advance if you want or require cash.
All that presumes you'll receive the funds in the form of a check. If they arrive instead by wire transfer or other electronic credit to your account, the bank should have no reason to delay your access beyond the opening of business on the day following the day of deposit. You might even get access on the day the credit hits your account, but be sure the bank gets advance notice of your needs.
Be aware that if you deposit a large check and the bank lets you withdraw any part of the funds, you will be liable to your bank if the deposited check is dishonored. For that reason, you'd be wise to have a large check taken for collection rather than deposit, so you'll know the funds are available and the check won't bounce before you use any of the funds.
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 bank could provide you next-day access to your funds, or withhold that access until the seventh or eleventh business day after you deposit the 