Check Deposit Clearing: How to Verify Funds Availability
After you deposit a check, your bank is obligated to make funds available to you within a set period of time. If the check bounces, however, your bank can reverse the deposit. If part of the deposit is already spent, you are responsible for paying back the funds. Though most checks are processed quickly, it can take weeks for some to clear. To confirm a check's validity, contact your bank and ask if the funds have been collected.
Funds Confirmed Quickly For Large Checks
Federal regulations require that your bank receive notice within two business days that a check drawn for $2,500 or more has failed to clear. However, your bank can take longer than that to deduct the amount of the check from your account if it bounces. In addition, a check worth less than $2,500 is not subject to this regulation. Therefore, although your bank is required to make the check funds available to you within two business days for all checks, the funds can be reversed at a later date.
Communicate With Your Bank If You Have Doubts
To confirm that you will have no problem with the funds, the Commerce Bank in Massachusetts recommends contacting your bank to ask if the funds have been finally collected, meaning they have been received by your bank. The U.S. Department of the Treasury, in its advisory on cashier's check fraud, recommends visiting the bank that issued the check to confirm its validity.
The Treasury says it can take weeks before checks clear. Communicate with your bank, or the issuing bank, as soon as possible to determine how long you should wait before relying on the funds. You may have to speak with a bank manager and produce identification to get this information.
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