Answers about Funds Availability
I deposited a local check. When will my funds be available/released from the hold?
The distinction between local and non-local checks went away with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. Another change is the amount of the deposit that is generally made available. The first $200 is generally made available at the time of deposit, no longer the first $100.
All checks generally should have second business day availability. The bank does have the right to extend the hold if:
- There is reasonable cause to believe the funds are uncollectible
- The check has been redeposited
- The deposit is greater than $5,000
- Your account is new or repeatedly overdrawn, or
- Emergency conditions, such as an interruption of communications or computer or other equipment facilities, apply
Generally, a bank must make the first $200 from the deposit available – for either cash withdrawal or check writing purposes - at the start of the next business day after the banking day that the deposit is made.
For details, take a look at the account agreement you received when you opened the account—it explains the availability process.