It’s always important to define your terms. A bank's "funds availability policy disclosure" explains how long you need to wait to spend or withdraw funds after you make a deposit.  Federal law provides some limitations on holding periods, but banks set their own policies. Banks provide that information to prevent surprises, but most people don't pay attention to these policies until they’re stuck waiting for funds to clear. Your receipt should have that information as well, but it never hurts to verify the details. In some cases, they add a hold later (and mail you a notice), so if you're running low on funds, it’s wise to check your account balance before spending. What Is a Deposit Hold?" SunTrust Bank. Cash deposits made to a bank employee must be made available within one business day (business days are weekdays that are not holidays), and those deposits are often available immediately. Accessed Feb. 8, 2020. This makes it even easier to go into the negative. For example, the checks must be payable to you (and you may have to use a special deposit slip). Overdrawing your account (or spending more money than you have available in the account) doesn’t just cause hefty bank fees—it can also lead to holds on your deposits. It’s also worth noting that there are some instances where your bank’s funds availability policy may allow for longer hold times. Banks also can use their own discretion in setting guidelines for funds availability. However, that strategy can backfire if you're unfamiliar with the technology. Justin Pritchard, CFP, is a fee-only advisor in Colorado. For more information about holds, please read guide. "Reasonable" is not specifically defined. The first $225 of your deposits, however, may be available on the first business day. The Reason Behind That Checking Account Hold, How businesses deposit checks without taking them to the bank, Learn About Bounced Checks and How to Avoid Them, Make Deposits at ATMs—They're Not Just for Cash, 4 Reasons Your Bank Balance is Less Than You Thought, Avoid Common Cashier's Check Scams by Knowing How They Work. Beginning Monday, October 19, lobbies will be closed. However, if you make a deposit after closing or on a day that we are not open, we will consider that the deposit was made on the next business day we are open. Federal Regulation CC offers a framework for banks to use when setting their funds availability policies. Editorial Note: Forbes may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances: -We believe a check you deposit will not be paid. Can a Bank Wait to Give Me Access to the Money That I Deposit? When you deposit a check, you probably think you did it “today,” but you may have missed the cut-off for starting the deposit process on that calendar day. HOLDS ON OTHER FUNDS — If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written. Funds availability describes when you can access money you deposit into your bank account. It allows longer hold times under specific circumstances. Many banks also make their funds availability policies accessible online. Accessed Feb. 8, 2020. Safe Payment in the Form of a Check or Transfer, Funds Availability Policy Disclosure for Deposit Accounts. Don't Spend the Money Too Quickly, Help! You also may want to discuss the best deposit option with your bank if you’re expecting a large payment. Accessed Feb. 8, 2020. I've written for Life + Money by Citi, Bankrate and The Balance, among others. Again, financial institutions are bound by Regulation CC to ensure that hold times, whether regular or extended, are within reasonable limits. Your bank may put a hold on the money, and you can’t withdraw cash or spend it as quickly as you hoped. If you make a deposit on a Friday before 5:00, we will consider that day to be the day day  of your deposit. If a check is redeposited (because it bounced when it was first deposited), the bank can add a longer hold. © 2020 Forbes Media LLC. "A Guide to Regulation CC Compliance." Five business days or so is a typical hold time, but longer holds are possible. Whenever you make a deposit and you want to use the money soon, ask your bank when your funds will be available. Check Deposits – 3 business days to clear for trading – 10 business days from date of deposit to release funds from the account - by check or ACH – 30 business days from the date of deposit to release funds via fed funds wire or Account Transfer (ACAT). Whether you’re brand-new to your particular bank or you’ve had an account there for years, it’s helpful to understand what kind of funds availability policy is in place. All Rights Reserved. When in doubt, ask your bank's customer service department for advice about how to expedite the deposit process. After all, you need to be able to withdraw funds from your bank account balance to pay bills, make purchases and cover everyday expenses. The first $100 of an ATM check deposit will be available on the same business day. Banks can hold deposited funds for a variety of reasons but, in most cases, it’s to prevent any returned payments from your account. Regulation CC allows banks to have some leeway in determining funds availability hold times for certain types of deposits. When you deposit funds into your account, the bank often puts a hold on those deposits, requiring you to wait for at least one business day before you can use the money.. Consumer Compliance Examination Manual: Expedited Funds Availability Act, Checks issued by the U.S. Treasury (such as your tax refund or Social Security), Checks drawn on the same bank that you’re depositing to. Funds Availability Disclosure Your ability to withdraw funds. SunTrust makes every effort to make deposited funds available as quickly as possible. If you will need the funds from a deposit right away, you should ask us when the funds will be available. As always, our Mobile, Online, Telephone Banking, and our ATM's are available. This compensation comes from two main sources. Complications can arise, especially at ATMs that don’t create an image of your check. "Checking Account Fees," Page 1. What Is the Available Balance in Your Bank Account? "Holds on Checks." In your first 30 days, checks that you deposit will have a different schedule. The Forbes Advisor editorial team is independent and objective. Trying out new deposit methods is best when you don’t need all of the money soon and your account is in good standing. Accessed Feb. 8, 2020. Federal Reserve Consumer Help. Your closing attorney gives you the option of receiving a paper check or a wire transfer. While you may pay a fee for a wire transfer, it could be worth the convenience of not having to wait two to five business days or more for a paper check to clear. If your account is less than 30 days old, expect to have checks held for up to nine days. You probably also expect to be able to use that money whenever you need it. For example, say that you’re selling your house and you expect to pocket $40,000 at closing. Federal Reserve Board. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The money you deposit doesn’t arrive at your bank for several business days (or more) after your deposit. In terms of how long it takes a check you deposit to clear, it can generally range from two to five business days. Cashier's checks, certified checks and teller checks, U.S. Treasury checks, Postal Service money orders, checks issued by the Federal Reserve or local government agencies, On-us checks (branches must be in the same state for same, next and second business day hold rules to apply), Immediately, or up to second business day, First $200, next business day; remainder second business day. We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. The hold is intended to protect the bank from losing money. If the check bounces or some other complication arises, the bank will have an opportunity to fix the problem before you have the opportunity to spend the funds. Accessed Feb. 8, 2020.

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