How long after you deposit a check before you can write off it???

[redgtxdi]

I recall there needing to be 2 to 3 business days for a check to clear.........BUT....

I went *into* my credit union today & deposited my check & wanted to transfer some money out into a mone-market account, but wondering if I should do that just yet.

Despite my inhibitions, my online access shows that all of the money (including today's deposit) is "AVAILABLE".

????

 

[SoulAssassin]

Originally posted by: redgtxdi
Despite my inhibitions, my online access shows that all of the money (including today's deposit) is "AVAILABLE".

????

/thread

 

[Bryophyte]

I believe it can take something like up to 10 or 12 business days, at the discretion of the bank.

 

[redgtxdi]

Hmmm..........well.............after searching a bit more, I did find this tidbit.....

http://www.wisegeek.com/why-do-banks-hold-checks.htm


Note the part about payroll checks being handled differently.

"Certain types of checks should be available immediately, or at the latest, the day after deposit. Paychecks are usually processed electronically and should be available by the next business day. Money orders from the U.S. Postal Service should also be available by the next day. Checks drawn by the U.S. Treasury and deposited straight into a payee account are also available the following day. There are numerous other government related checks that should also be next day available, and a list of these can be obtained from any bank."

I think I'll hang 'til tomorrow to initiate any transactions w/ said funds.