How long does it take for a cashiers check to clear?

[Homerboy]

I have a sizable cashiers check (5 digits) from a family member (no Nigerian scams here) that will be deposited into my account.

How long, on average, does it take for those funds to be available? I know cash is instantenous. Large, personal checks can take 7-10 business days. But a cashier check? I don't know.

 

[DominionSeraph]

immediately available.

 

[Homerboy]

immediately available.

same as cash then.
Very good. This is what I figured/hoped but was not 100% sure on.

 

[kranky]

I would not assume a five-figure check would be immediately available unless the bank manager him/herself told me that. Cashier's check or not.

 

[acheron]

A cashier's check is an obligation of the issuing bank, so the depositing bank generally doesn't worry about lack of available funds or something. Should be cleared instantly barring an odd circumstance (issued by an international bank, etc.).

If it turns out to be fake later on, they will take the money back, but assuming you trust your family member then that shouldn't be a problem.

 

[dank69]

Quick, add some more zeroes before you cash it!

 

[Homerboy]

A cashier's check is an obligation of the issuing bank, so the depositing bank generally doesn't worry about lack of available funds or something. Should be cleared instantly barring an odd circumstance (issued by an international bank, etc.).

If it turns out to be fake later on, they will take the money back, but assuming you trust your family member then that shouldn't be a problem.

This is what I tought.

 

[a123456]

A day to be realistic. Cashier checks, like regular checks can have a stop payment issued on them, I think. It's this one day that lots of real estate people use to make sure there's no fraud. Also, make sure the cashier check is not expired because that would also invalidate it.

Probably better to check with a bank, though, instead of my guesswork.

 

[OCGuy]

Not true. If it is from an out-of-state bank, they can place a hold on the check still.

 

[Homerboy]

Not true. If it is from an out-of-state bank, they can place a hold on the check still.

In-state.
In-city in fact.

 

[OCGuy]

Then yep it will post at midnight.

 

[overst33r]

same as cash then.
Very good. This is what I figured/hoped but was not 100% sure on.

Nope. Not at all. Can be anywhere from a few minutes to a few days depending on the banks involved and their procedures.

A cashier's check is an obligation of the issuing bank, so the depositing bank generally doesn't worry about lack of available funds or something. Should be cleared instantly barring an odd circumstance (issued by an international bank, etc.).

If it turns out to be fake later on, they will take the money back, but assuming you trust your family member then that shouldn't be a problem.

This.

 

[D1gger]

So you are related to a Nigerian Prince??

 

[SKORPI0]

Quick, add some more zeroes before you cash it!

What a dumbass.

 

[13Gigatons]

What bank issued the check?