Rates Current as of Friday February 10, 2012

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A friend wrote me a check to repay a small debt. The bank that the check is drawn on has released the funds, but my bank is still holding the funds. Can it do this? »

How long can the bank place a hold on government checks (e.g., social security and treasury checks)?

Generally, a national bank will make funds deposited into an account by a government check available for withdrawal not later than the business day after the banking day on which the funds are deposited into an account held by the payee of the check and in person to an employee of the bank.

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I deposited a local check. When will my funds be available from the hold?

When funds become available for withdrawal depends primarily on the type of deposit. A local check (drawn on banks located in the same check-processing region as the bank in which you made the deposit) has second business day availability. Generally, a national bank must make the first $100 from the deposit available, for either

When are direct deposits available for withdrawal?

National banks must make funds available for withdrawal on the “payment date.” This is the date on which the funds are actually payable, not the date on which the bank received the deposit.

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How long can the bank place a hold on government checks (e.g., social security and treasury checks)?

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