Question about writing checks????

Question

i get paid today and my check will be deposited into my checking account. If i go to a store and write a check how long before the store actually deposits it and takes the money out of my account?

Answer 1

Usually it is sent through immediately electronically, or sent through later that day. What you are talking about is actually illegal. You are not allowed to write a check against a balance that does not currently exist. Obviously you aren't going to get into legal trouble (just have to pay about 60 dollars in fees to the bank and merchant), but you should not do it.

The bank has an obligation to post 100 dollars to your account immediately, post the next 4900 the next business day, and post the rest on the third business day. So if you are spending under 100 dollars, that should already post to your account. (note that this is not just courtesy, it is the law, and banks are required to do this).

Also note that if your account was opened within the last 30 days, or if the check is international, there are different processing times that apply.

If you are worried about processing time, next time just cash the check first, and then deposit the cash, that way it will show up immediately.

Answer 2

It should take 0-3 days depending on which country you are in and how far the clearing bank is from from own bank.I.E if your cheque is from France and you live in Newyork the cheque has to be cleared in France before you get your money.But if your cheque is local the delay could be a day.

Answer 3

Usually it takes 3-4 working days for the cheque to clear (leaving your account and entering the store's account). What varies is how long it takes for the store to deposit the cheque. Usually they would take it to the bank the next morning. I would say give it 4 days from giving the cheque to the store. Hope that helps!

Answer 4

Some do it immediately because they use electronic withdraw. Others take day days.  Each store is different.  Your best bet is to wait until your check clears so that you don't get any surprise fees.

Answer 5

Most stores cash it immediately electronically. You should always assume the money spent when you write the check and not try to time when the money is taken from your account. (Not sure if that's why you were asking...:-). Also, the money should be available as soon as you deposit your check, but ask the teller about the bank's policies.

Answer 6

.If you are worried about having the money in your account and it is not a direct deposit then cash the check first at the institution it is written from and then deposit the cash in your account. You should do this before 2 pm though .

Answer 7

if you go tp walmart. it will be out of your account that second.

better if you know what is outstanding and not write a check if you dont have the money

Answer 8

No way to tell. Every place is different. It will take at least 4 days, however if they bank at the same place you do than could only take 2days.

And another thing to consider is how they process the check at the store, lilke if they electronic debit from a check. This means that they take the money out almost right away like a debit card with you check though.

So if it's just writing out a check than  you should be fine if your check is going in today.

Answer 9

it depends on the store some one day and some 2 or 3 and even some 4 or5

Answer 10

Don't write the check until you are sure the funds are available in your account.  Checks clear very quickly now.

Answer 11

You don't want to play that game. Checks can take 3-5 biz days to clear, so you could bounce any checks you write in the meantime.

Advice: speak with your bank and apply for overdraft protection, to get a line of credit. Then you can use this credit as needed, while awaiting checks to clear.

Other option: use a charge card, then pay off balances when bills arrive.

Take care, though. You credit AND checking account histories are very important. They come up under security checks all over the world.

You want to protect your ratings and don't mess with timing of check deposits, ATM transactions, etc.

So get overdraft protection and / or see about linking your account with a credit card (NOT one that uses your checking account funds -- that defeats the purpose) , one using a different institution's credit card or a totally different account at your bank.