I was given an out-of-state check for the purchase of a vehicle. I have refused to release the vehicle until the check has cleared. My bank sent me notice that the funds were not available at the other bank, but would be available on 10/28. How long do I actually need to wait to make sure that this is a good check? I've heard of scams going on lately with checks. I am an unemployed person and can not afford to take a chance with an out-of-state check. I didn't think about it when I made the deposit; I was just excited to have sold the vehicle. I deposited the check on October 16th, my bank is saying the funds are available now, but I don't want to be in fear of them coming back and saying that this was a fraudulent check. What is your opinion about a safe amount of time on holding the funds?
No one can say for sure, but if the check was deposited on the 16th, it would have been charged back to your account by now if it was fraudulent. However, as of this writing only eight business days have elapsed. To feel better about the question, you might try to ask your bank to contact the other bank to see if the check has been paid.
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No one can say for sure, but if the check was deposited on the 16th, it would have been charged back to your account by now if it was fraudulent. However, as of this writing only eight business days have elapsed. To feel better about the question, you might try to ask your bank to contact the other bank to see if the check has been paid.
