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Which bank has fastest check clearing time?


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#1 ma1icious

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Posted 14 August 2007 - 01:20

I live in the Southern California region of the United States.

The following banks are close to me, which of them has the fastest check clearing time with checking accounts that require no or very little minimum balance and no monthly maintinance fee?

- Bank of America
- Washington Mutual
- Wells Fargo
- HSBC
- East West Bank
- Cathy Bank


#2 Phalesafe

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Posted 14 August 2007 - 01:34

What kind of check clearing time? Deposits or ones you write? Generally the ones you write depend on the recipients bank or if they just EFT clear the check like Verizon or Wal-Mart. I do know that Wells Fargo for example as long as your deposit is made before 3pm you can use it immediately.

#3 OP ma1icious

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Posted 14 August 2007 - 01:35

Deposits.

#4 Shof

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Posted 14 August 2007 - 02:47

I have no problems with Wamu

and like Bosaka says, it depends on the kind of check that effects the time of clearing time

#5 Quick Shot

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Posted 14 August 2007 - 02:49

there are many different rules to it

local hold checks
foreign hold checks
one day hold checks
on us checks

local is usually 2business days
foreign is 4 business days
one day is 1 business day
on us checks are checks debited from the banks account
etc.

then banks may have more rules...over 5$K checks may be held for a longer period of time.
money orders, bank checks, travelers checks may be one day or no hold.
go to the bank and ask about their policy

#6 Shof

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Posted 14 August 2007 - 02:52

one day is 1 business day

Monday thru Friday only

#7 Quick Shot

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Posted 14 August 2007 - 02:54

Monday thru Friday only

yeah..business days are considered anything mon - fri. sat & sun are not.

so if you deposit a foreign hold check on a tue. it won't clear till next mon.

#8 brandnewfantx

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Posted 14 August 2007 - 02:55

Just have enough funds in your checking account to cover the check and you'll be cleared on the spot how it works at BOA, and Chase.

#9 Shof

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Posted 14 August 2007 - 02:57

Just have enough funds in your checking account to cover the check and you'll be cleared on the spot how it works at BOA, and Chase.

Even if you have money in your account, it still takes a day for it fully transfer from account to the other

#10 brandnewfantx

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Posted 14 August 2007 - 03:01

Yes, but the funds become available right away.

#11 Quick Shot

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Posted 14 August 2007 - 03:01

Even if you have money in your account, it still takes a day for it fully transfer from account to the other

no.
example.
you have a check for $1,000.00. Your savings account has $2,000.00
You cash the check against your savings.
You transfer the funds to your checking which are avaliable at the same time it was deposited
& the hold from the check is on your savings account for lets say 2 b-days and not on the checking

#12 brandnewfantx

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Posted 14 August 2007 - 03:01

double post

#13 x-scratch

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Posted 14 August 2007 - 03:07

i would do your homework & check the banks policys & faqs but if i had to choose & since your from southern california go with either

- Bank of America
- Washington Mutual
- Wells Fargo