I just deposited my federal tax refund into my savings account via the ATM. I received a message that a significant portion of the deposit would not be available for two days. Are US Treasury checks starting to bounce?
No. There is a processing time required and it depends on the amount of the check and the depositor's relationship history with the bank, but Treasury checks have the full faith and trust of the U.S. government. Your bank should have also told you, based on the specific transaction, when those funds would be available. They are following the Expedited Funds Availability Act, most likely. That isn't required on savings accounts, but many banks follow it nonetheless.
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No. There is a processing time required and it depends on the amount of the check and the depositor's relationship history with the bank, but Treasury checks have the full faith and trust of the U.S. government. Your bank should have also told you, based on the specific transaction, when those funds would be available. They are following the Expedited Funds Availability Act, most likely. That isn't required on savings accounts, but many banks follow it nonetheless.
