Bank issues? Bank of america?

Question

I have a bank issue. Me and my roommates are sharing an apt for the august 08-august 09 school year. We each sent one of our roommates our share of the rent so she could deposit it and then send off one whole check to our landlord at school. She sent it off yesterday but I noticed that my check hadnt been deposited so I texted her and asked her about it and she said she deposited it and didnt know what was going on with my acct because my money was in her account. Im assuming she deposited it yesterday.

Any idea why it says on her account that she has the funds but the money has not left my account nor do I see any check pending or whatnot?

Answer 1

The check will not clear the day she deposited it into her account....it usually takes 2 business days (3 maximum) for a check to clear....so I would say to wait until 3 business days before you begin to worry...

yesterday is 1 business day

today is 2 business day

tomorrow is 3rd business day...and so forth

Also some banks have cut off times for deposits so for instance if your roomate deposited your check after the cut off time the bank could consider it being deposited the following day.

EX----IF 3:00 pm is the cut-off time and your roomate deposited it at 4:00 it will be considered deposited the next day...AGAIN this is IF yout bank has a cut-off time!

Like I said don't worry right now --- if definitely by Friday your check hasn't cleared have her call her bank to see what the hold up is --- also make sure she deposits the check to begin with

Good Luck

Answer 2

I would give it 3-5 business days for the batch to clear between institutions.

If after that it does not clear your bank, then call.

Answer 3

It can usually take up to 5 business days for a cheque to clear.  Chances are it hasn't cleared through your account yet.  Make sure the funds remain available in your account so it can clear.

Your roommate obviously doesn't get her deposits held...so her bank is just assuming that your cheque will clear properly and she gets access to that money right away.

Answer 4

Why can't you just pay directly to the land lord? I don't like the smell of this system.

You can set up bank of america to do free bill pay to the landlord or your room mate. It's so much better than writting a check.