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    2 Replies Latest reply on May 28, 2008 4:45 PM by LUCKIEST

    How long does it take for a check to clear?

    MRFINANCE Adventurer
      I deposited a check in the bank today and they told me it would take 5 business days to clear.


      I thought they had speeded up the process with electronic checking.

      Of course when it comes OUT of my account it's gone right away!!!




        • Re: How long does it take for a check to clear?
          amspcs Ranger
          You are correct. In the age of electronic check clearing, unless you are banking at Fred Flintstone Saving & Loan or some other hopelessly behind-the-times institution, checks are clearned between financial institutions virtually instantaneously...most don't even bother to 'mail the paper'.

          As for your your bank holding your funds for 5 days: This is known as the 'float'...aka stealing. Lots of banks do this this day and age in which banks are eating bad mortgages left and right, they don't ;miss a trick to pickpocket a few extra pennies of revenue to make up for the losses. In this case, even though the check clears almost immediately and the bank knows there is no risk of eating a bad check, they are taking advantage of you by using your money for free for five days.

          If you have a long-term relationship with the bank in question, it's time to use your leverage and sit down with the manager and have a long talk to avoid this in the future. That failing, it's obviously time for you to go shopping for a new bank, since your bank is clearly indicating to you that you are not a valued customer but instead fodder to be ripped off whenever the opportunity presents itself. .

          Barry G

          • Re: How long does it take for a check to clear?
            LUCKIEST Guide
            How long does it take for a check to clear

            3-5 days it really depending on who and where you are.

            In today's world of electronics a check from anywhere can be cleared in
            one day.
            The law has been changed recently to allow banks to clear
            checks electronically without having to go
            through the federal deposit
            bank with the actual paper check. Some banks may still withhold funds
            larger, out of town, checks for 10 days as they did years ago.

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