Eli5: why does it still take 2 business days for a check to clear when other transactions are instant?

Question

Eli5: why does it still take 2 business days for a check to clear when other transactions are instant?

In: 146

Answer 1

Depends on the bank.

USAA gives you an instant balance on check deposits through the app and clears direct deposit a day earlier than most.

Fun fact, your paycheck works the same way as a check and also has a clearing process, it’s deposited a day or two prior to your actual payday.