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Do Wire Transfers Take Time to Clear?

If I accepted a deposit by wire transfer from an out of state source, would I be able to access the funds immediately? What information would I need to provide to make this happen? How long would I have to wait for an out of state check to clear?

Generally, funds received via wire transfer should be available on the day received or, at the latest, on the next business day. Funds deposited in the form of a non-local check (a check drawn on a bank in a check processing region different from the bank branch bank where it's deposited) should be available no later than the fifth business day following the banking day they are deposited, unless your bank provides you with a notice that it's placing a longer, exception, hold on the deposit. If the bank decides to place a longer hold (if your account is new or chronically overdrawn, the check was bounced before, the check is for more than $5,000, or the bank has a reasonable doubt the check will be paid), the funds should be available no later than the eleventh business day following the deposit date.

Published on 1/03/08