Question about deposits/availability

[xanis]

I finally came out of the dark ages and signed up for a free student checking account and debit card with my bank (Wachovia).

If I deposit cash into my checking account, will it be available for use right away, or will I have to wait? What about checks?

Also, will I have to wait if I transfer funds from another account into my checking account via the online banking service?

 

[Gibson486]

Generally, checks have to clear with in 3 days, Local checks, 2 day. However, it gets complicated whith certain checks. Checks from teh govt are usually treated as cash (good right away). Checks from a loan company must have a certain amount available right away.

 

[kranky]

Cash should be available immediately. Checks depend on your bank's hold policy, which they will tell you if you ask. A new account will have the most restrictions. Transfers from another Wachovia account should be instant, but transfers from another institution will be subject to the hold policy in some cases. You should ask what the availability will be when you make a deposit if you need the funds in a hurry.

 

[Safeway]

For checks, a lot of banks allow for $100 to become instantly available. If you deposit a $70 check, all of it will be instantly available. If you deposit $500, $100 will be instantly available and $400 will be pending for a day or two. If you deposit cash at a teller, it is instantly available.