How long does a check take to clear?

[Wade Lippman]

I put a Ceros on CL. Someone across the country wanted it and is willing to pay shipping. He offered me a check or Paypal. To save $10 I chose the check, and now regret it.
How long does it take for a check to clear?
My bank says I should give it two weeks, but caution that even that is not certain.

I really hate to wait 2 weeks, but I would hate even worse finding out it is a bad check.
What is a reasonable time to wait?

Needless to say, this was not discussed prior to the order.
I put it on CL to avoid problems like this, but apparently there isn't much demand locally for one.

[Andrew Pitonyak]

When I pay by check, it usually takes a few days, and only a few days or less. A major retailer my process your check and hit your bank account on the same day. Almost all checks are processed electronically these days.

I think that there is a law that has a local and a non-local hold time before that money is made available to you. The longest of which I am aware is 5 days.

I am not sufficiently well informed, however, as to how many ways a check can be made to look good and then have it fail to go through. I know that this can be done with certain types of transfers. If you are able to cash the check at the same bank on which it is written, I would expect that they could cash it immediately.

I am surprised by the two week number, but, I am not a banker!

[Brian Tymchak]

It might depend on the type of institution the account is held by that the check was written against. It's been several years but the local BORG refused a check of mine due to the account being with a credit union. they said the long clearing time was the reason. I haven't had that problem in quite a while though with the advent of electronic clearing.

[Moses Yoder]

My wife works at a credit union and we recently received a large check that we put on a 15 day hold to be sure it would clear before we spent it. 10 days is normal to be sure it clears, 15 days is just about guaranteed to be sure. Less than 10 days you don't have any idea. This is business days. This is why my wife refuses checks for my tools; she knows how people are. The majority of people have no idea how much money is in their checking account. The guys on this board are more intelligent as evidenced by being woodworkers so we are not the norm.

[Jim Matthews]

Two weeks, anyway. If you gave the buyer a good deal and your phone number - a wait is reasonable.

[Brian Elfert]

If I write someone a check today and they deposit it the same day the money will be out of my account the next day. I'm not sure in today's electronic world why one needs to wait 10 or 15 days on a check. I don't deal in checks enough to really know I guess.

In the 1990s I wrote someone a check in mid afternoon and it cleared the same day as apparently they did a bank run right away. I was lazy and didn't take a deposit to the bank to cover the check until the next day as back then checks usually had a few days float. I got an overdraft charge out of it.

[Dan Hintz]

If I write someone a check today and they deposit it the same day the money will be out of my account the next day. I'm not sure in today's electronic world why one needs to wait 10 or 15 days on a check. I don't deal in checks enough to really know I guess.

You will often get access to the money quickly... but if the check turns out to be bad, it can take several weeks to show up (this is one method the Nigerian scammers get you).

[Phil Thien]

You will often get access to the money quickly... but if the check turns out to be bad, it can take several weeks to show up (this is one method the Nigerian scammers get you).

Yeah, I'm not sure what the limit is (if there is one), but I've read stories of banks clawing-back funds as much as 3-4 weeks after the funds were made available to the depositor.

[John Goodin]

When you get it take it to his bank if there is a local branch. See if you can cash it there.

[Wade Lippman]

Okay, two weeks then. I hate to do that to the guy, but if that is protocol...

[Shawn Pachlhofer]

you can also call the bank that the check is drawn on, give them the account number and check amount - and the bank will tell you if there are sufficient funds in the account for the check to clear.

of course - that's only good for the day and time you call - but it is some level of comfort, at least.

[Moses Yoder]

You would think that in today's world if an account does not have sufficient fund to cover what is paid out it would be known immediately, but this is absolutely not the case. Of course you get the money immediately, and then you find out several weeks later the check is bad and the bank wants there money back. I think it has something to do with the way banking regulations are set up.

[Jim Koepke]

Besides the possibility of insufficient funds it could also be the law allows for this long of a float on check transactions. My recollection is electronic transfers can have a few days of float. This allows the banks to make use of their clients money before having to credit an account.

I do not like taking checks when selling to customers at the local farmers market, but sometimes there will be no sale if we do not accept the check.

People show up to a farmers market thinking they should get flea market pricing and department store service.

jtik

[Roger Rettenmeier]

"The guys on this board are more intelligent as evidenced by being woodworkers so we are not the norm."
Great line.

[Rich Engelhardt]

I'm not sure in today's electronic world why one needs to wait 10 or 15 days on a check. I don't deal in checks enough to really know I guess.

Banks sit on checks for as long as they can just to collect the interest on the money.
Even though with today's low rates its only a fraction of what it once was, that's the main reason why.

Three of the banks we deal with regularly will sit on bank checks and ACH transfers for 6 to 10 (business) days.
I can mildly see where a check from an individual might be suspect.
I can see where a bank check drawn against a bank might be forged - but - come on,,,,,, 6 to 10 business days for an electronic transfer from one bank to another?

That's really annoying.