Thursday, December 15, 2011

Is a cash deposit held for a day before being available to withdraw from your checking account?

I can understand a check being that they have to make sure it is legitimate before giving you the cash to spend, but why cash money..you can't tell me they check to see if it is counterfeit. if so, why can't they take 2 seconds and use one of those pens that changes color and let you withdraw the funds right away.|||If you are depositing cash and then want to withdraw funds why don't you deposit less and keep the amount you need. I would agree with the other answerer that you sound like you are using an ATM to deposit the money. Is the bank supposed to just take your word for the amount or do you think that they might want to count it before they credit your account.|||Depends on the policies of the specific bank.|||I suspect you made the deposit at the ATM, which is only picked up once or twice a day. The bank ain't gonna make money available until they've verified you've actually deposited the right amount of cash.





Assuming you made the deposit late in the day, the deposit wouldn't even be in your account until posting overnight.





RULE OF THUMB: Don't ever use ATM for deposits.|||It is because most banks send everything to a clearing house every night and the deposit doesn't really get processed into your account until the clearing house processes the paperwork.|||It depends on the bank and how you are making the deposit. Some banks make cash available right away. Some banks make $100 available right away on an ATM deposit. You have to ask your bank.





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