Depositing a personal check into my account. How do I know when it clears?

[Shawn]

I deposited a check on friday afternoon and they told me it'd be posted on monday. So if the money is in my account does that mean it cleared? I thought personal checks took 7-10 days to clear.

 

[pulse8]

When you have all the money available in your account.

 

[Shawn]

So once it's in your account there is no chance of it disappearing like with paypal?

 

[pulse8]

Originally posted by: Shawn
So once it's in your account there is no chance of it disappearing like with paypal?

Nope. If the check has cleared, it's cleared.

 

[spidey07]

Originally posted by: Shawn
So once it's in your account there is no chance of it disappearing like with paypal?

Depends on the bank. They'll normally hold the funds for a certain number of days. Depends on your banks policy.

with my bank it shows up as ledger balance versus available balance.

 

[thomsbrain]

often you have a "total balance" and an "available" balance. you get credited for the money as soon as you deposit the check (meaning you are earning interest), but you can only withdraw it after it clears, which takes 2-3 days. the days of the 7-10 day clearing are thankfully over.

 

[DeviousTrap]

Originally posted by: pulse8

Originally posted by: Shawn
So once it's in your account there is no chance of it disappearing like with paypal?

Nope. If the check has cleared, it's cleared.

Nope, a check can be a fake and it may take the bank a couple of weeks to figure it out, while the money would already be in your account.