Why are there laws to place such long holds on checks(10days)? Can’t the receiving bank simply call the bank where the check originates from and velidate it themselves?
In: 5
Typically in the US, holds of this length only happen when you have a history of overdrafting or are depositing a large amount with a personal check or it is suspicious for some other reason.
In the US at least, there is a way to get an instantly clearing check by going to your bank and asking for a cashier’s check. This is basically your bank certifying that you have already set aside the cash into the bank’s account and the bank then writing a check to the recipient. Many places like car dealerships or real estate agents/mortgage brokers will only accept this kind of check.
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