I wrote a check to someone and I want to know how long it takes for the money to be withdrawn from my account once the check is cashed or deposited?
It could be virtually at once, if it's cashed or deposited at the same bank it's drawn on, or it could take a couple of days or a week, depending on how far apart the banks involved are. The elapsed time for check clearing, however, is getting telescoped down as more and more checks are collected electronically and avoiding the physical trip they would have taken five years ago.
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It could be virtually at once, if it's cashed or deposited at the same bank it's drawn on, or it could take a couple of days or a week, depending on how far apart the banks involved are. The elapsed time for check clearing, however, is getting telescoped down as more and more checks are collected electronically and avoiding the physical trip they would have taken five years ago.
