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Legal Beagle
Legal Beagle, Attorney
Category: Business Law
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Experience:  Experienced in business formation, owner of law firm.
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If I am written an in-state check and it has cleared the issuers

Resolved Question:

If I am written an in-state check and it has cleared the issuers account can the bank legally continue to hold my check beyond that point? ie Can they hold it for days after they have already received the money themselves?
Submitted: 4 years ago.
Category: Business Law
Expert:  Legal Beagle replied 4 years ago.
This can be a little complicated, say it is considered a local check. Local to you and I and the bank may mean different things. Local in legal terms for this purpose refer to check within the same region, now one state might have several regions or a region could comprise more than one state. If it is considered local they have to have the funds available to you the morning of the second business day after your deposit. Be careful though, if you deposited it after a certain hour they can count it as the next day. It's generally 2pm where I live. Now if they consider the check to be non local or in another processing region they have to make the money available by the morning of the fifth day after the deposit. Some banks are better than others unfortunately and some like to hold your money as long as possible. I would go and put a little pressure on them if you know it has already cleared the other bank... it's worked for me in the past.
I hope this answers your question to your satisfaction, please don't forget to hit accept as this is the only way we experts get credit for helping people with their questions on JA. If you need any more help or clarification please feel free to ask me. Good luck with the bank and God bless.
Legal Beagle, Attorney
Category: Business Law
Satisfied Customers: 1349
Experience: Experienced in business formation, owner of law firm.
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