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Accounts that have negative history—that is, accounts that frequently bounce payments or go into overdraft —may also have checks held.
The payer also has a lot to do with hold times as well. If you've never deposited a check from that person before—and it's a sizable amount—your banking institution may choose to hold it until it clears. Certain institutions may hold checks that are deposited through mobile banking apps or through the automated teller machine ATM.
These deposits have to be verified and cross-checked before the bank can release the funds. It's always a good idea to check with the bank about its policy when it comes to its hold times for these types of deposits. When you deposit a check, whether at an ATM, a teller's counter inside the bank, or a drive-through window, you typically get a receipt that usually says when the funds will be available.
Keep the receipt handy until the check clears. The funds-availability date on the receipt lets you know when it may be time to contact the bank regarding hold inquiries. If you don't receive a receipt, however, you'll need to contact your bank to check on this. There are times when the bank will override the hold for you. In cases of emergency, if the hold has been on too long, if you're a really good customer, or if the bank decides to verify the check at the time of the deposit, you may be off the hook.
That generally requires a trip to your branch. Although it will cost you some time, it may be worth it if you need the funds right away or if it's a large check that just can't wait.
Depending on the amount of the check, you may have access to the full amount in two days. Some banks make a portion of the check available immediately or within one business day. The bank may be likely to clear checks right away if you have a consistent history with a certain payer. Say, you're a freelancer and receive checks every other month for work you do for that company. The bank may hold the initial check to make sure it clears.
If you let them know you are expecting similar checks from the same company on a regular basis, the bank may release the funds to you for subsequent deposits after a pattern is established. It bears mentioning again that large deposits may come with longer hold time. The number of days the bank holds these checks depends on your relationship with the institution.
You're more likely to get the money immediately—or within fewer than 10 days—if you have a healthy account balance and no history of overdrafts. A history of overdrafts and low account balances may mean you'll have to wait the full 10 days to receive the money.
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If you deposit a check from a closed account, the check will bounce, and your bank may charge you fees for depositing a bad check. When somebody pays you by check, they expect you to deposit the check soon. Presumably, they have funds available when they write the check, but that might change.
If somebody worries that a check got lost, they may decide to stop payment—an order not to pay a check that has been issued, but not cashed—on that check.
That said, stop payments are one situation when it may actually work in your favor to deposit a stale-dated check—because stop payment orders eventually expire. A bank may not be liable for a stop payment if you fail to provide enough information to identify the check or if you do implement the stop payment order early enough.
Whether or not that restriction is valid depends on several factors. Your bank may ultimately decide to ignore those instructions and process a check anyway. When you write a check that goes uncashed, you may wonder what to do. You still owe the money, even if nobody deposits the check. After that, leave the money alone or set it aside somewhere else for the inevitable day that you have to make good on the payment.
Check with an attorney for specific guidance, and remember that a bank might accept the deposit and try to pull funds from your account at any time. At some point, you may have to turn the funds over to the state for safekeeping.
For instance, if a check says "good for days" on the front, then it becomes stale-dated days after it's written. There isn't a law against cashing old checks as long as there wasn't a request to stop the payment, but it's up to each financial institution whether or not it wants to cash the check.
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