14 days for a bank cashier's check to clear

**Ima saver** · 11-22-2009, 02:38 PM

Steve, when I sold a house in 2007, they held the attorney's escrow check for 10 business days also and I could not use the funds for that until the 10 days were up. They explained to me, that had I had enough of my own personal money in their bank, (in this case it was $390,000) the check would have cleared immediately, but because I did NOT have $390,000 in their bank, they had to hold the check. I believe this is quite common and they told me about it when I deposited the check. Your mom should have been told.

**irmanator** · 11-22-2009, 02:43 PM

I thought a cashiers check was supposed to be safe. You think maybe they were holding it so they could collect interest on it?? and not have to credit the interest to your mom?

**minnie1928** · 11-22-2009, 02:56 PM

Unfortunately, "cashier's checks" have been becoming an increasing source of fraudulent checks. The crooks have figured out how to make some amazingly good looking cashier's checks, so now they've come under much more scrutiny than they had in the past.

FWIW, I've seen some fraudulent American Express cheques that I would've sworn were legitimate. You know how we (the bank I worked for) found out that they were fraudulent? Amex returned them to us informing us that they didn't issue cheques in that particular denomination (I can't remember what it was though).

That being said, I think 14 days for a check drawn on a bank within the same Fed district is a bit long.

**poundwise** · 11-22-2009, 05:01 PM

Was this Bank of America by any chance?

**Scanner** · 11-22-2009, 07:39 PM

I would file a complaint with the DOBI in NJ.

May not get anywhere but you know. . .these damn banks. . .should have socialized every last one of them. Let the government know the public is still pissed at them.

Yes, that is THE POINT OF A CASHIERS CHECK.

THe bank is supposed to take the money out of the account, hold it, it's certified it's there. . .there is absolutley no good reason your mom should have to wait 14 days for her money.

Okay, maybe if your mom was walking into a branch and asking for cold, hard cash. . .but she's opening an account. And banks carry insurance for this kind of fraud. If someone robs the local bank, they don't go out of business, you know. They are insured.

**graceful** · 11-22-2009, 07:52 PM

Some banks will hold funds for large amounts UNLESS you request a "special deposit slip" from the teller for certified funds which would need to be approved or signed by a higher up at the service desk who inspects the check.

I've had this situation at Chase multiple times. If I need the funds to clear the next day, I go to the trouble of requesting the next day availability deposit slip and have it approved at the service desk. If I don't care (as long as I know the funds are good), I deposit it normally and let them hold larger funds as per whatever schedule they have currently.

It's been a while since I've used the next day availability slip so I don't know if things have changed. But if I ever needed the certified funds immediately, I would never deposit normally, because then the check goes through the "system" like a regular check. I would instead stop by the service desk to verify the correct procedure and have them make sure the deposit is prioritized.

Burned once, twice shy...

**Ima saver** · 11-23-2009, 04:25 AM

The check is held for 10 business days, which is actually 14 days because of the weekends. I was credited with the interest for the 14 days that my check for $390,000 was held. So, I did not lose any money.

**EEinNJ** · 11-23-2009, 05:59 AM

DS, that is completely bogus. Remember "check 21"- Legally they HAVE to clear that check (even a personal check) in 2-3 days, IIRC. They are working the float.
It's all electronic now, anyway- no more moving paper checks around.

**LivingAlmostLarge** · 11-23-2009, 06:41 AM

Typical. They do this all the time, every time it happens to us as well.

**disneysteve** · 11-23-2009, 08:55 AM

Originally posted by poundwise View Post

Was this Bank of America by any chance?

No. Check was from Wachovia and deposited at Citizen's.

**Downfall** · 11-25-2009, 07:10 AM

I had this happen to me as well-- except it was from Chase NY to Chase Texas. Representatives from both banks told me that it was taking so long because their systems weren't connected. They magically cleared this up when I told them I was canceling my account the moment I had my money and could take my business elsewhere.

**disneysteve** · 11-25-2009, 08:31 AM

A funny addition to the story - a couple of days after my mom deposited the check, she got a call from the bank's investment department suggesting that she come meet with them to discuss things she might want to do with the money since it was a large amount and her account was earning very little. Of course, she was just parking it there for a few days until she invested it elsewhere, which she had already done by the time they called.

**GrimJack** · 11-25-2009, 11:52 PM

Not sure if it will help but here is some info about bank 'floats':
Ripoff Report: FIFTH THIRD BANK ripoff CAPE CORAL Florida.

What I got out of the discussion is that there should not have been a 14 day float and that a request for an explanation is in order.

**maat55** · 11-26-2009, 04:21 PM

DW says that it was probably an exception hold. This is the case when the bank customer does not have matching funds to cover the cashiers check.

14 days for a bank cashier's check to clear