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We are going through an interesting change in banking, where the increased speed of transaction processing is making funds available quicker than ever before, but also a time of uncertainty in the industry, increased paper check fraud, etc, which is also resulting in extended holds on deposited items.

Here is a recent thread about Citi advising some deposits may have extended withdrawal durations
http://www.fatwallet.com/forums/finance/987614/

This thread (and the quicksummary) is intended to be a user-updated list of how quickly YOUR BANK makes checks and other deposits to your account available to you.

To make this a somewhat useful list, we will need LOTS of data points about your accounts, and the specific reasons any extended holds were placed on items...since availability is often affected if its a newly opened account, if the deposits exceed $5000, etc. Availability can even be affected depending on if you make the deposit at an ATM or with a teller, and if the ATM is a new "scanning envelope-free" ATM or one of the older ATMs.

Member Summary
Most Recent Posts
Just received notice from bank that Federal Reserve is consolidating all check processing into a single Fed Reserve dist... (more)

Twobits (Mar. 13, 2010 @ 2:10a) |

I know Atlanta and Cleveland recently consolidated check processing; it's not unfathomable that others will follow suit.... (more)

mttatkns (Mar. 13, 2010 @ 3:51a) |

Any bank's telling you guys the holds are government mandated or anything along those lines are straight up lying to you... (more)

dolmar (Mar. 13, 2010 @ 4:13a) |

BANK      | ACCOUNT  | METHOD          | AMOUNT | TYPE      | MADE AVAILABLE
============================================================================
BofA      | Checking | Scanning ATM    |  > $5K |           | Next business day
USAA      | Checking | Deposit at home |  > $5K |           | Instant
USAA      | Checking | Deposit at home |    $9K |           | Half instant, half 5 business days
USAA      | Checking | Deposit at home |   $10K |           | Half instant, half 5 business days
StateFarm | Checking | Other Bank ATM  |   $32K |           | Next Business Day
PNC       | Checking | Teller deposit  |   $40K | check     | Next business day
Citi      | Checking | Teller deposit  | < $10K |           | Instant
Citi      | Checking | ATM deposit     |   $35K |           | next day for sure, maybe instant?
Citi      | Citigold | ATM deposit     |   $18k |           | Instant
Chase     | Checking | Teller deposit  |        |           | 10 day hold
BofA      | Checking | Scanning ATM    |  $6.2K | bankcheck | instant:$100 5days:$900 14days:$5.2K


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My Mattress / Savings / The slide in / Varies / Depends / Any time

Ive posted the first datapoint in the Quicksummary. Feel free to make followup posts if you wish to include additional details than the chart in the quicksummary.

For example, I get very fast availability from BofA's scanning ATMS. I can make a deposit up till 8pm and the full amount is available for withdrawal the next business day.

BUT If I take the same checks into the branch, the teller will often place a hold of up to 10 days, and a manager is required to shorten the hold time.

We mostly use USAA online banking. We aren't in San Antonio, so we can only bank online which is totally fine with us. We can scan checks with our scanner and deposit it to our accounts or we can use an iphone app and take a picture of the check and it gets deposited immediately into our accounts. I'm assuming since we have the online account only, we can only deposit a total of $5,000/day using this method otherwise i think we can send a check into the branch in San Antonio to deposit.

Also, when receive direct deposit, usually receive a day before we are actually supposed to be paid.

We have quit using citi altogether as they are very difficult to work with and we are always having problems between our accounts and credit card (fraud alerts).

rmhop said: We mostly use USAA online banking. We aren't in San Antonio, so we can only bank online which is totally fine with us. We can scan checks with our scanner and deposit it to our accounts or we can use an iphone app and take a picture of the check and it gets deposited immediately into our accounts. I'm assuming since we have the online account only, we can only deposit a total of $5,000/day using this method otherwise i think we can send a check into the branch in San Antonio to deposit.

Also, when receive direct deposit, usually receive a day before we are actually supposed to be paid.

We have quit using citi altogether as they are very difficult to work with and we are always having problems between our accounts and credit card (fraud alerts).


Yeah same here we get instant funds availability for amounts less than $5000 with USAA deposit at home.

SUCKISSTAPLES said:
BUT If I take the same checks into the branch, the teller will often place a hold of up to 10 days, and a manager is required to shorten the hold time.


Do the tellers reconize you? I have deposited over 5k CC BT checks at my local bank and have never had a problem with it being 100% avail NBD.

iGOBanking - 3 day hold time on all ACH deposits + direct deposits sent into the account
Capital One - Deposited Cash on opening deposit at teller into Savings (Long term Checking customer), instant credit.

chimeer said: rmhop said: We mostly use USAA online banking. We aren't in San Antonio, so we can only bank online which is totally fine with us. We can scan checks with our scanner and deposit it to our accounts or we can use an iphone app and take a picture of the check and it gets deposited immediately into our accounts. I'm assuming since we have the online account only, we can only deposit a total of $5,000/day using this method otherwise i think we can send a check into the branch in San Antonio to deposit.

Also, when receive direct deposit, usually receive a day before we are actually supposed to be paid.

We have quit using citi altogether as they are very difficult to work with and we are always having problems between our accounts and credit card (fraud alerts).


Yeah same here we get instant funds availability for amounts less than $5000 with USAA deposit at home.


I am able to deposit checks up to $10,000 thought Deposit@Home. Only the first $5k is available instantly, the rest after 3 days. Could be because I have insurance with them.

bump for more datapoints

At the bofa branch near my home, if i ask them, they will make the deposit available immediately (never made a deposit more than $4,000)
At pnc, they placed an extended hold on a paycheck from the university i go to (5 business days) and i didn't feel like arguing because it didn't really matter
at citizens bank, opened a new account with $200 check, said they place a 5 business day hold, 2 business days later, it was available in my account
don't even get me started on bank of the west

Anyone use Capital One (teller) or HSBC Advance (previously HSBC Direct) with ATM scanner to deposit checks? Would like to hear experiences on those.

I asked the relationship manager if she would do same or next day fund availability on checks. I have a savings account with them with funds in it that will exceed the check amounts so I am hoping they are receptive to the idea.

Seems like the previous poster got Bank Of America to do so.

i imagine if you go to the bank routinely (that specific branch) and the tellers know you and the check isn't an amount out of the ordinary, they will make the deposit available for you. you didn't say what the relationship manager said. if you talked to a relationship manager (i assume that is the same as a personal banker), they would've told you their policy. With an ATM, there is no asking to make it available sooner (that i know of) so to find out the answer for the ATM, you can simply look at the bank policy/reg cc to determine when it should be available.

I couldn't be happier with my USAA checking account. Once you try to pull money from an outside account they make it available instantly.

Want to expand on my addition to the data points
BofA / Checking / Scanning ATM / $6200 PenFed bank check / No / $100 instant, $900 in 5 days, $5.2K in 14 days

Once I realized they were going to hold the $5K for 14 days(!), I went into the branch and pleaded my case. I currently have both business & personal accounts, mortgage and credit cards with them as well as auto loans and CDs in the past. Even with that kind of history (5+ years at this branch, over 20 yrs with BofA going back to Seafirst bank that they acquired sometime in the 90s). Granted the "personal banker" had never seen me before (I bank electronically & ATM only AND the branch has a high employee turnover), but I not only needed to give them account numbers and such but she even asked me what I was going to do with the money (me: wtf? none of yer bidness.). In the end they released $3K that day and I had to wait the two weeks for the rest.

I can't wait to see how they handle the $30k+ that will wire in on Monday from my refi.

I emailed the banker I dealt with in the branch. I'll see if she responds by next week. If not when I go in I will ask her to see if she can do it for me. I would assume they should be able to.

Yes Bank Of America is horrible with large checks. As far as Capital One, I have no clue since I never have used them before in the branch. The ATM is a non automated ATM and I wouldn't trust a check deposit to it.

Fund times without intervention of them making them quicker is way too long.

My 2 local banks all state that if the amount is greater than $5,000, the first $100 is available next day, $4900 is available either 2 or 5 business days after day of deposit (depending on Local or Nonlocal or Both-types of check deposited). Anything over $5000 is available 9 business days after day of deposit. These rules are for established customers.

FYI, Brute, bank wires are under "Immediate Availability Rules" at Bank of America. So, it's available either the day or 1 business day after the wire transfer comes in. You may have to add 1 extra day depending on the time of day Bank of America receives an incoming wire transfer.

As a datapoint, but few years ago...Bank of America: check (dont remember if it was considered local or nonlocal) was deposited on Friday, 2:08pm; $100 available immediate, $4900 available 5 days (the next Friday); remaining $18.#k was available the Tuesday after. Go figure.

SiS - I think you are going to find it's based on more factors.

FWIW, at Chase I've had as much as $40k instantly available on a single non-Chase personal check deposited at a teller.

but was it considered a "local" check by Chase? edit: was it from a state government?

No. It was a check from a person's personal non-Chase account.

According to CBOL_MarketPlace_20091228.pdf , Citibank has several factors: To receive immediate availability for deposits of State & Local government checks, cashier's, teller's, certified, and traveler's checks, then you need to ask teller for a special deposit ticket for immediate availability. Citibank's standard availability policy, effective January 1, 2010, states deposits of $5,000 or less will be available 3 business days after deposit; amounts of more than $5,000 will be available 4 business days. Foreign checks have a special collection procedure. Deposit cut-off times at Citibank ATM or 7-Eleven ATM is generally 4:30PM. Branches vary.

At Chase, it depends on where you opened up your Chase account, and whether the non-Chase bank check is considered "local" or "non-local". In the past, if it's "local", $100 avail next business day, upto $7500 on 3rd business day after deposit. A non-Chase, non-local bank, it takes upto the 5th business day after deposit for upto $7500 to be avail for cash withdrawal, and any balance above for paying checks. Cash, direct deposit, ACH, and Wire transfers are fully available on the day the bank receives it (unless it's after the daily time cut-off). Currently, their Disclosures state: "General Policy: Wire transfers, electronic direct deposits, and cash deposits made with a banker or at an ATM that does not require a deposit envelope will be available on the day we receive your deposit. Except as described later in this policy, when you make other deposits, the funds are available on the first business day after the day we receive your deposit. Available funds may be withdrawn in cash or used to pay checks and other items. Longer Delays may apply: in these cases, Chase may make the funds available until the 2nd business day after day of deposit. However, at least the first $100 will be avail on the 1st business day after deposit. If there's a longer hold than 1 business day after, Chase will notify you and tell you when. Funds deposited by check that may be delayed for longer than 2 business days under the following circumstances: Chase thinks the check will not be paid; the checks total more than $5,000 in any 1 day, the check is redeposited that has been returned unpaid, your checking account has been overdrawn repeatedly within the last 6 months, or if there is a failure in communications or computer equipment at Chase. They will generally be available no later than the seventh business day after the day of your deposit."

When I am depositing checks at a branch, I always tell the teller "CASH and DEPOSIT". I know HSBC will do this for you as long as your account balance exceed the amount on the checks.

It is a cash transaction to the account, does the deposit held matter? I am not so sure, but I get access to the cash in my account right away.

I do not think this thread is meaningful. The length of holds banks put on deposits is customer dependent. Two different customers at the same bank will not have the same length of hold.

My credit union has been reducing my holds until now I can now deposit $10K+ checks and have immediate availability.

I agree with the previous poster on much. Depends on a lot of factors including total deposits in hand at the bank, how well they know you at the branch, if the relationship banker or branch manager is really nice and will go out of their way for you. But there are banks which are always going to be worse on large checks whereby even for the best customer they won't change the rules.

If a bank really treats you bad, go elsewhere. Also make sure you understand the bank you deal with and their financial reserves and the like. Dozens of failed banks have been hit with cease and decist orders because they failed to maintain the appropriate capital ratios.

So yes if you have a very stable and steady bank, you can have 5 different customers treated differently at the same branch mind you for the banks. Factors will be based on balances on hand, personal vs business or both, stability of the customer, job and salary, and whatnot, and I know it sounds bad but I bet racial profilling also plays a factor as well as the area in which the person lives. Banks have been notorious for doing this even if they don't admit to it.

They are humans after all and there is no telling what is in their heads when they deal with their customers.

In my case there is a lot you don't know about me and stuff I wouldn't disclose on here. So for that matter, you would be right, the thread wouldn't make sense without doing this thread in a very different manner and that information won't be given out on here if we wanted to gauge actual outcomes.

But the thread would help weed out those banks where there is no chance of getting better availability on deposits so it would help to a certain degree although it wouldn't be as good as it could be.

I would imagine it still being true, but as of 2 years ago BOFA's hold process was completely automated. The computer makes the decision the hold. If A supervisor or manager is to release it they are taking full responsibility for the hold. Because of this if they don't know you, you can expect them to refuse.

Those institutions who leave it up to the tellers and supervisors are primarily looking at...

1. The type of check: personal, business, state, fed, etc
2. The amount in the account
3. The years the accounts been open
4. Direct deposit going into the account?
5. Checks for that large deposited before
6. Some will look at the FICO shown

BEEFjerKAY said: SiS - I think you are going to find it's based on more factors.

FWIW, at Chase I've had as much as $40k instantly available on a single non-Chase personal check deposited at a teller.
I agree. I have 100% next-day availability with everything deposited at BofA, which has included a couple $50k+ checks. I know this isnt their standard policy, but I have no clue how I managed to get such a 'perk'.

Glitch99 said: I have no clue how I managed to get such a 'perk'.

Based on that other thread, it can only mean that we have exceptionally good interpersonal skills.

BradMajors said: I do not think this thread is meaningful..unlike the other 90% of FWF "help me use google" threads?

Certainly, there are no hard and fast rules that apply to every consumer, but useful info can be gleaned.

I wrote an email to my relationship banker on 2/5/2010 in the evening. If no response, no big deal, just deposit check and see if I can get next or same day funding on my checks with them considering I will have a large deposit on hand to cover all checks from another linked account.

Everyone will find a bank they like. I will hate one, someone else will hate another. No 2 banks are alike based on personal experiences but it is true that only good banks will have sufficient capital ratios and the like.

TD Bank's policy is to make funds available no later than the first business day after the day of deposit.

BruteForce said: Want to expand on my addition to the data points
BofA / Checking / Scanning ATM / $6200 PenFed bank check / No / $100 instant, $900 in 5 days, $5.2K in 14 days

Once I realized they were going to hold the $5K for 14 days(!), I went into the branch and pleaded my case. I currently have both business & personal accounts, mortgage and credit cards with them as well as auto loans and CDs in the past. Even with that kind of history (5+ years at this branch, over 20 yrs with BofA going back to Seafirst bank that they acquired sometime in the 90s). Granted the "personal banker" had never seen me before (I bank electronically & ATM only AND the branch has a high employee turnover), but I not only needed to give them account numbers and such but she even asked me what I was going to do with the money (me: wtf? none of yer bidness.). In the end they released $3K that day and I had to wait the two weeks for the rest.

I can't wait to see how they handle the $30k+ that will wire in on Monday from my refi.


We often ask what the check will be used for. If it's for something like your mortgage, be it at our institution or another we are much more likely to give you the amount made available. If they say none of your business I typically would just place it on hold, because it's probably not too important.

Heat11114 said: We often ask what the check will be used for. If it's for something like your mortgage, be it at our institution or another we are much more likely to give you the amount made available. If they say none of your business I typically would just place it on hold, because it's probably not too important.

And that's when I typically smile and say "I will just file a complaint with OCC as it will make you in violation of reg CC and as we all know you soon will be unemployable in the banking industry"

EvilCapitalist said: Heat11114 said: We often ask what the check will be used for. If it's for something like your mortgage, be it at our institution or another we are much more likely to give you the amount made available. If they say none of your business I typically would just place it on hold, because it's probably not too important.

And that's when I typically smile and say "I will just file a complaint with OCC as it will make you in violation of reg CC and as we all know you soon will be unemployable in the banking industry"


Hilarious! Yep that is sure as crap what I would do to a teller like this!

bankdealsrule said: According to CBOL_MarketPlace_20091228.pdf , Citibank has several factors: To receive immediate availability for deposits of State & Local government checks, cashier's, teller's, certified, and traveler's checks, then you need to ask teller for a special deposit ticket for immediate availability. Citibank's standard availability policy, effective January 1, 2010, states deposits of $5,000 or less will be available 3 business days after deposit; amounts of more than $5,000 will be available 4 business days. Foreign checks have a special collection procedure. Deposit cut-off times at Citibank ATM or 7-Eleven ATM is generally 4:30PM. Branches vary.

Opened a Citibank account in-branch in 2009. Told the banker that instant access to teller deposits or ATM deposits was a mandatory condition for opening an account with them. Since opening the account, have routinely deposited 4-figure amounts and always had instant access to the money. Recently upgraded to Citigold and deposited a 5-figure amount - instantly available as well (not just $5000 per the regulations you noted above).

My relationship banker never emailed me back yet. Not expecting her to. Seems like people aren't good at replying to emails like that sent to the email addresses on their business cards.

When I go to the branch I'll ask if she can do same day funding on my checks. I have been using the HSBC check scanner to deposit my checks now instead of Capital One because the ATM's are automated. Had Capital One had automated ATM's with good fund availability policies I would be using them instead.

So I've been using a combination of banks. I don't trust ATM Deposit unless its automated like HSBC because I have lost money before which I got credited back later on.

Right now Ive been keeping 3 savings accounts + one Corporate Note account which is essentially a high interest account like a checking with unlimited transactions which will be down to 3 after I close one out after 180 days is up (a regular savings). And 2 distinct billpayment accounts (2 different banks as a way to pay bills). Need the dual account setup with the banks for this reason. Then other accounts and the like.

I can't seem to get the banks down to 1 because each account has different reasons for usage.

Do most people maintain multiple personal banks these days or just keep it down to one?

Having 3 different institutions (4 till I close one out) for banking sorta seems like its a lot and it would be easier to consolidate just to one bank if such was possible. But alas I haven't been able to do that yet.

HSBC has branch locations in really nice areas which Capital One doesn't have, and my GE Interest Plus account has the free unlimited checks and higher interest and no transaction limitations but funds have to be pushed in.

The promos and high interest rate on Capital One got me started with them. Had those not been offered I wouldn't have been with them.

Having 5 accounts was rediculous though and I closed out one successfully which I did not use any longer, another one is on its way out.

After that I may just see how the 3 compare against each other later on.

grex23 said:
I can't seem to get the banks down to 1 because each account has different reasons for usage.

Do most people maintain multiple personal banks these days or just keep it down to one?

Having 3 different institutions (4 till I close one out) for banking sorta seems like its a lot and it would be easier to consolidate just to one bank if such was possible. But alas I haven't been able to do that yet.
Alot of people here have accounts that number in the dozens. Personally, I have accounts at approx 3 dozen different banks. Yes, they all have (or at one point had) a definate purpose.

Heat11114 said: We often ask what the check will be used for. If it's for something like your mortgage, be it at our institution or another we are much more likely to give you the amount made available. If they say none of your business I typically would just place it on hold, because it's probably not too important.Using cash for pimping H&B is (A) none of your business, and (B) VERY important. So don't ASS-U-ME things.

Having an interesting time with my Citizens business checking account. Sold my building last week and placed the check from the lawyers account into it. First time I ever saw a hold box on the account but said was available 2/9 which was only 3 days so did not mind. So no way was I going to let that much money sit in an account that pays no interest any longer than I had to, I cut dividend checks out of it yesterday, the 9th, After making sure it said it was available. Now I look today, the 10th, and it's back in that hold box with a date of 2/17. The Lawyers bank is local and even has a branch in the same parking lot as Citizens. Will go in this morning and try and get hold off or a couple big checks going to go bouncy.

Well, for what it's worth, if they didn't notify you of the longer hold at the time of the deposit then they are legally responsible for refunding any overdraft fees you may incur. (Small comfort, I know - it's still a major PITA.)

Skipping 12 Messages...
Any bank's telling you guys the holds are government mandated or anything along those lines are straight up lying to you. I am in the process of closing all my Citi accounts and moving everything to a new Chase accounts and some older BOA accounts as Citigroup as of July 1st will no longer link Smith Barney accounts to Citigroup Private Bank accounts, nor will Smith Barney waive fee's based on Citigroup Private Banking relationships.

I opened my Chase account back in the middle of Feb in conjunction with a Bear Sterns brokerage account. I transfer over 6 figures worth of BOA and JPM preferred into my Bear Sterns account at that time. $1 was put into the Chase Platinum checking account. The accounts are not linked at all, Chase claims they will have them linked some time in 4th quarter of this year. Chase put a waiver on my Chase Platinum account and Chase wires fund back and forth currently between accounts at no cost to me till they integrate their systems.

Then as Repo, Discount Notes, Commercial Paper and VRDN have been called, mature or I find higher rates at either BOA or Chase I have been moving my money out of Smith Barney. And depositing large checks always larger than 6 figures into either my BOA or Chase checking accounts, some checks as large as 7 figures and neither BOA or Chase has put any holds on any of my deposits 1x over the last 3 weeks. BOA as of March 1st when my MRA got converted to normal checking and brokerage account does not make my deposit available instantly anymore but they are available as of midnight on the day of deposit for withdrawals but my broker at BOA is able to see my deposit and buy bonds instantly against those funds. Chase system is like Citi and how my old MRA worked where the funds were available instantly. I just ask the Chase teller to wire the funds to Bear Sterns after I make my deposit and they do and normally the funds are at Bear Sterns with in 10 minutes.

My BOA broker(BOA no longer has private bankers at all, broker does everything now for last year or so) told me some time in June BOA will be able to link Merrill CMA Plus accounts to BOA savings and checking accounts. And at that time She expects that those accounts just like old MRA will have fund made available instantly in case you want to place trades against your deposit. CMA Accounts will be offered to both Self Service, Full Service, Wealth Management(BOA Private Bank customers where put into Merrill Wealth Management as BOA no longer calls their "Private Bank" BOA Private Bank) customers in stages. In case you don't know what a CMA Plus account is, it is basically the same as an MRA or FMA account, it is a brokerage account with checking writing privileges and bill pay that sweeps all cash into your choice of MMF with ATM access. She told BOA will charge a $125 annual fee per CMA account which will be waived based on your balances with the bank. I assume the balance requirements to waive those fee's are going to be $500k+ as those are the requirements of new private bank called "Merrill Wealth Management" or higher as currently Merrill directly requires $1 million in assets to waives those fee's.

Incase anyone is wondering, I am still getting between 2.8-3.4% triple tax free(I currently am buying CA, NY, MI, and FL paper so it is not all triple tax-free for me and I buy out of state paper because it is paying a higher rate over other paper my brokers have in inventory) buying the short term paper I am buying which is why I do not bother rate chasing CD's or bank deposit accounts, and continue to use brokerage accounts and as the Feds starts to raise rates I am sure the paper I am buying will increase the rates it is paying.

I am sure a big part of the reason banks never put holds on my deposits has to do with my average balances I keep between brokerage and deposit accounts. I have a felling if they see you have say $500k worth of stock, and you deposit a bad check for $200k they are not worried about collecting the funds from you if you withdraw that money as they can liquidate your brokerage accounts to cover the bad check. Even in the new Chase account all my deposits have always been for an amount smaller than what I have with Chase between Bear Sterns and the $1 I keep on deposit in my Chase Platinum checking account. So Chase system must somehow see my Bear Sterns balances or something as the tellers do not over ride the holds either I think the system does it automatically as I have made deposits at a couple of different Chase branches.



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