Beware of these bad check writers:
Robin Barker, Belle Fourche SD
Stanton J Thompson, Chicago IL, TCF Bank - writes checks on an account that doesn't exist
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For your safety, Our dealers should only accept cash or money orders. If you do receive a check as payment, and you want to accept it, make sure you wait to see if the check clears before processing the order. Do not spend any 'deposits' from checks from your bank or credit union until it has cleared.
CHECK CLEARING
Most standard checks take about 2 business days for funds to become fully available in your account, though the absolute back-end interbank collection and final settlement process can take several days to a week. Federal law requires banks to make the first $225 (or up to $275 depending on current adjustments) available by the next business day. [1, 2, 3]
Standard Clearing Timeline
- Next business day: A small initial portion ($225–$275) of the deposit is released for use.
- 2 business days: The remaining balance of a normal personal or business check becomes available.
- 1 business day: Government checks, cashier's checks, certified checks, or checks drawn from the same financial institution clear faster. [1, 3, 4]
Factors That Delay Full Clearance
- Large amounts: Deposits totaling more than $5,525 to $6,725 in a single day can trigger extended holds on the excess amount for up to 5 to 7 business days.
- Account status: New accounts (under 30 days old) or accounts with a history of negative balances or overdrafts face longer holding periods.
- The "Bounce" window: Even after your bank lets you spend the money in 2 days, the back-end system can take up to 5 business days (and occasionally longer if fraud or a returned item is involved) for the issuing bank to officially reject or bounce the check. [6, 9]
[4] https://www.chase.com/personal/banking/education/basics/how-long-does-it-take-for-a-check-to-clear
