How long should a bank deposit take to show up?

So I make a deposit into my personal savings account at 9:00 last Saturday morning. Monday morning, I check the account. The money's not there. Check again at noon. Then at around 3:00. Still not there. So I call the bank. The chick tells me "Well, the Federal Reserve is closed on Saturday blah blah blah." Um. So??? Then she tells me that deposits usually take at least 24 hours to show up.

Money didn't show up until around noon on Tuesday.

I make another deposit this morning at 9:00 AM. That money hasn't shown up yet.

Is this normal??? I thought the standard was "Deposits made AFTER 2PM may not show up until the next business day."

Or maybe I've got that wrong.

Really depends on the bank, but it does sound like you're getting somewhat berkeleyed.

It's a plot, see. The bank takes your money and invests it. Then, hours later, they sell the investment, pocket the profit, and put the money in your account. It helps banks keep their fees low.

What sort of deposit are you making? Cash, payroll, personal check...? I've seen delays when they have to go out and verify funds while a cash deposit is instantly available.

How large was the deposit? How was it deposited? What was it? (Cash/check?)

Google "{your bank name here} fund availability policy" for the exact conditions on your account.

For the weekend deposit, Tuesday is the "next business day" after the deposit.

General rule of thumb in my experience:

Cash: Immediately available
Check: Up to $100 available immediately. The remainder is available after 2 processing periods (whenever the markets usually open then right after they close 18 to 24 hours)

That thread on banks we had a day or two ago and you posting this reminded me why I dumped Wells Fargo. They'd hold checks for days before finally allowing me access often berkeleying me into an overdraft fee when I was broke and college age.

Also what Swank said.

A lot of variables here.

Cash deposit is immediate. Check deposit is immediate IF you have the funds to cover the check in your account. (Or you can go cash it at the bank from which it was written, then deposit the cash to your account). If not, it can take a few days--say a day for the bank to verify the funds, and another day to post it.

Online transfers seem to vary bank to bank. Going from Fidelity to Chase takes 4-5 business days for me every time. The other way around is only 2-3 days.

Oh, and if I expect a check to bounce (i.e. paycheck from a shady hockey team), I take it to the bank it was written from. That way I don't get the charge, have cash in my hand, and can deposit it immediately to MY bank. Or my stomach in the form of beer.

You wanna hear something to piss you off?

Buying a car. Walked into my bank and got a cashier's check for $5000. Teller had the branch manager come over and explain that this was just like cash, instantly gone from my account as soon as they printed it, etc. etc. etc. Got, fine, no problem.

Didn't buy the car after all.

Went back to the bank next day to re-deposit the check. Same teller, same manager. Filled out the deposit slip and the teller says "this will take 5 days to clear before it shows up in your account."

I almost asked for all my money, in cash, right then. Almost. Gave the manager an earful, that's for sure.

If you deposit funds in an ATM over the weekend, they don't pull the checks out of the machine until Monday night. That's why it showed up around noon on Tuesday. I always go to the teller if possible. The check will post sooner. If you did see the teller on Saturday, they put a hold on it for some reason.

It does depend on the bank. I can make a check deposit with my phone (take pictures of the check.. never even need to mail it in) and they are available... NOW. same with transferring between accounts. But I am rocking a credit union.

AFAIK ... any activity on your account on a weekend don't usually clear till Tues.

…also, in the case of checks, they take longer (say two days) if they’re out of state. Before the conspiracy theories escalate from improbable to put the crack pipe down, one of the reasons for the hold is to prevent kitting.

If you don’t know, this is a scam based on exploiting the time delay between crediting funds to the recipient and drawing them from the issuer.

mtn wrote: Oh, and if I expect a check to bounce (i.e. paycheck from a shady hockey team), I take it to the bank it was written from. That way I don't get the charge, have cash in my hand, and can deposit it immediately to MY bank. Or my stomach in the form of beer.

Now banks are charging people for cashing check at the bank check was written from. An example is that BOA charges $5 for this.

Okay. Think I got it. FWIW, Saturday was a check from the business (which I have at a different bank) for a little over a grand, which I made with the teller (not ATM.) This morning was ~$400 in checks, also from the business to me. Plenty of $$$ at the other bank to cover, but I guess since it's at the "other bank" they would need to verify that the funds are there.

Just seemed weird. I don't recall ever making a deposit and not seeing the $$$ there until Tuesday...then again, I usually keep enough cash in the personal account that it doesn't matter, and I've been forgetting that I need to make the money go in before I take it out lately. Durp.

This is a local yokel small town bank btw. I don't berkeley around with the big boys.

Sine_Qua_Non wrote:

mtn wrote: Oh, and if I expect a check to bounce (i.e. paycheck from a shady hockey team), I take it to the bank it was written from. That way I don't get the charge, have cash in my hand, and can deposit it immediately to MY bank. Or my stomach in the form of beer.

Now banks are charging people for cashing check at the bank check was written from. An example is that BOA charges $5 for this.

Thank God for small town banks and CU's.

FWIW, not all big banks are bad. I work for one that I happily recommend to a lot of people, although it is much different from most big banks. And I guess it isn't all that big either (top 100 in the country), but the institution in general is one of the biggest in the country.

In reply to mtn:

and that bank is.....?

bluej wrote: In reply to mtn: and that bank is.....?

State Farm.

BOA is the devil. Why anybody still deals with them, I will never know.

One of the casinos I work for deals with Wells Fargo. the few times I have cashed a cheque there (rather than just depositing it in my account at my bank) I have gotten to hear their speach on how I should open an account there. Really makes me -not- want to open an account there

BOA and Chase are interchangeable.

BOA hates small consumers. And small businesses. And businesses that they believe are in a declining industry. If your industry is in ascension (and you need at least $15 million) they will hit you with the lowest rate loans and lots of attention. But as soon as the bloom is off the rose, they will berkeley your ass quick. They are notorious for this.

As far as deposits of checks go, like virtually everything else in banking, the government tells the banks what to do. It used to be up to the banks to set them, but uninformed consumers complained and the banks were given a range. Of course, every bank set it to the max in that range and now there isn't any real distinction or competition between any of them in that regard. Once Dodd-Frank gets fully implemented you'll find even fewer differences between banks. In fact, you might find that some banks are going to avoid consumers as much as possible and focus on businesses.

Duke wrote: You wanna hear something to piss you off? Buying a car. Walked into my bank and got a cashier's check for $5000. Teller had the branch manager come over and explain that this was just like cash, instantly gone from my account as soon as they printed it, etc. etc. etc. Got, fine, no problem. Didn't buy the car after all. Went back to the bank next day to re-deposit the check. Same teller, same manager. Filled out the deposit slip and the teller says **"this will take 5 days to clear before it shows up in your account." ** I almost asked for all my money, in cash, right then. Almost. Gave the manager an earful, that's for sure.

I had a very similar experience, except I withdrew cash and it was only $2,000. I had a bit less restraint than you when I explained that I would like to close my account and take my business elsewhere.

Gimme my berkeleying money!!!

I did close an account once after extensive delays with deposits. We were selling stock back in the day when they cut you a check for it. The bank had 15 business day holds on deposits over a certain amount. It didn't matter if the money had cleared from the incoming bank, they wouldn't release it for three berkeleying weeks. I talked to managers. I talked to the managers of managers. They wouldn't budge. We left.

Banks take money out of your account 24/7. They put money into your account at their convenience. Such is life, and there is berkeleyall you can do about it.

Lots of local bank offices are no more powerful than a locked box with a slot in it. Everything they take in is delivered to a central office at the end of the day where it is reviewed by another human who starts the actual process of dealing with the deposit.