How long does it generally take a check to clear?

[MrsBugi]

I wrote a check to pay for an investment today, and my financial advisor picked it up just a few hours earlier. I believe he will submit it for deposit tomorrow, or at the very latest by the end of this week.

I do not currently have enough funds in my checking account to cover the amount of the check, and transferred the appropriate funds from my ING savings account into my checking account today. The transaction is listed as pending.

If the check is cashed tomorrow, will it bounce? Or does it generally take a couple days to clear, at which point the money from my ING account will have been successfully moved from ING to my checking account?

To be safe, I may contact my financial advisor and ask him to refrain from cashing the check until the funds from ING are reflected in my checking account.

 

[FallenHero]

Mine usually take 2-3 days.

 

[silverpig]

My ING transfers have usually been next-day, but they say 2-3 just to be safe it seems. Checks depend on a few things...

 

[zanieladie]

I thought that with that new law they passed, the money is "deducted" (at least on paper) right away...

 

[tRaptor]

It always seem to take at least 3 days for mine, going from ING to Wells Fargo.

 

[MrsBugi]

Originally posted by: zanieladie
I thought that with that new law they passed, the money is "deducted" (at least on paper) right away...

Interesting. Today, the money has been deducted from my ING account - but has not yet been received/recorded by my checking account.

Where does the money go during this time? It appears to be floating around in purgatory, neither in ING or in my checking account.

 

[Specop 007]

Originally posted by: MrsBugi

Originally posted by: zanieladie
I thought that with that new law they passed, the money is "deducted" (at least on paper) right away...

Interesting. Today, the money has been deducted from my ING account - but has not yet been received/recorded by my checking account.

Where does the money go during this time? It appears to be floating around in purgatory, neither in ING or in my checking account.

Sometimes systems wont update changes immediately.
I should say, they wont SHOW changes immediately. Additionally, deposits fall into the bullshit rule of "If after 2 PM will be credited next business day".
Which is funny, because withdrawls will hti RIGHT EFFIN NOW.

Another way banks screw you. Such is life.