Why do I have to wait two days for the bank to clear a check from someone who has an account at the same bank, if law states that there must be available funds in the account to cover the check?
If your account is established, at least a month old, you should have access to such funds on the business day after the day on which you deposited the check. There is an exception to that rule if the check is drawn on a different branch of the same bank, and that branch is not in the same state or check processing region. For example, if you deposit a check in a west coast branch of Bank of America and the check is drawn on an east coast branch of Bank of America, that check can be treated as if it's drawn on a different bank entirely, and your access to the funds could be delayed by five business days.
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If your account is established, at least a month old, you should have access to such funds on the business day after the day on which you deposited the check. There is an exception to that rule if the check is drawn on a different branch of the same bank, and that branch is not in the same state or check processing region. For example, if you deposit a check in a west coast branch of Bank of America and the check is drawn on an east coast branch of Bank of America, that check can be treated as if it's drawn on a different bank entirely, and your access to the funds could be delayed by five business days.
