What is a reasonable amount of time for holding a non-local check (deposited) for $3,000,000?
At this point, whether the check is drawn on a bank five miles away or across the country, it is considered local. A bank accepting such a check for deposit could withhold availability on all or most of it until the seventh business day following the day of deposit. For a Friday deposit, that could mean availability on the second Tuesday following. Alternatively, a bank might accept such a large check only for collection, in which case it would not make funds available until actually received from the payor bank.
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
At this point, whether the check is drawn on a bank five miles away or across the country, it is considered local. A bank accepting such a check for deposit could withhold availability on all or most of it until the seventh business day following the day of deposit. For a Friday deposit, that could mean availability on the second Tuesday following. Alternatively, a bank might accept such a large check only for collection, in which case it would not make funds available until actually received from the payor bank.
