I received a credit accountcheck and was wondering if it could be cashed?
These are checks just like any other. Your bank may review the check and the relationship you have with them, however, and choose to give you full credit immediately or place a hold on the funds. The hold restricts your use of the money until the check has some time to clear the account it is drawn on. Some banks are leery about credit card checks because the time they are allowed to hold the funds by law, is often not enough time for them to actually clear.
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
These are checks just like any other. Your bank may review the check and the relationship you have with them, however, and choose to give you full credit immediately or place a hold on the funds. The hold restricts your use of the money until the check has some time to clear the account it is drawn on. Some banks are leery about credit card checks because the time they are allowed to hold the funds by law, is often not enough time for them to actually clear.
