When you make a deposit into your bank account, you may expect to be able to use the money immediately. However, this isn’t always the case and you should see How Long Will It Take For My Money To Be Available.
There may be reasons why your deposit or check may not have cleared immediately. Keep reading to find out why your money may not be available.
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How Does Your Money Get In Your Account
Bank’s don’t immediately credit checks to your account. Whereas when you make a cash deposit, it will be credited to your account immediately. Your bank has to send checks you receive to regional clearinghouse, where they are then sent to the check writer’s bank, and finally money is deducted from the writer’s bank. All of this has to happen before your money is available.
Additionally, it may even take longer if the writer’s check is out of state. Some banks and credit unions credit you with a portion of the deposit while you wait.
If you still receive paper checks from your job, you may want to consider switching to direct deposit. Direct deposit saves your time so you don’t have to visit the bank.
Next Business Day Notice
Many banks have a cutoff time when any deposits will be processed the next business day. The reason they do this is so that deposits can be processed by midnight.
Instead of your money being available the next morning, it may be available the day after. Banks will usually notify you when they have stopped processing deposits for the day. However, you may be able to get your deposit in time by heading inside the bank.
Holds On Your Account
Another reason that your money may not be available is that the bank has put a hold on your account. There may be a delay because the check is a large amount, it is an insurance check, or it is a check from out of state.
However, a bank must inform you if they put a check on hold and explain how long it will be until the finds are available to you.
Bank Mistakes
Sometimes, you won’t have access to your money because there is a mix-up at the bank. A good way is to always monitor your account to insure that your deposits, transactions, and balances are correct. Deposits will appear on your account history even if the funds are not immediately available.
Sometimes, the deposit may go to the incorrect account and monitoring your account will ensure that this mistake does not happen.
Be sure to contact the bank to find out what happened and see how to fix the issue. Keep your deposit receipts because your receipt has tracking information to make it easy to find your missing deposit.
Conclusion
Checks aren’t always available the next day, but banks will provide a portion of the deposit for you to use. Switching to direct deposit can make it easier and faster to have access to your money.
Furthermore, by having direct deposit you can meet a requirement for a Bank Promotion to earn a bonus. Leave a comment below letting us know about your bank deposit experiences.
