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We know having access to funds is important to you. We are in the process of validating the check and collecting the funds. For this reason, it is important to know that Bank of America service representatives are not able to release deposited funds that are on hold.
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You can avoid a hold on your deposit by encouraging individuals and business entities paying you to use electronic payment solutions such as direct deposit, Automated Clearing House (ACH) payments, online transfers, wire transfers and peer-to-peer services such as Zelle®. These types of payments are typically available the same day they are received or scheduled to occur.
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When you deposit a check, some or all of the check amount may not be part of your available balance for a period of time. This is done for the purpose of validating the check and collecting the funds from the issuer of the check.
In some cases, your funds may not be available because your deposit was made after the cutoff time for that particular day. Please visit our Cutoff Times for Deposits, Transfers and Payments page for more information.
The hold allows us (and the bank paying the funds) time to validate the check – which can help you avoid potential fees in the event a deposited check is returned unpaid. Keep in mind, though, that a check may still be returned unpaid after funds have been made available to you. Please refer to your Deposit Agreement and Disclosures for complete information.
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We inform you of a deposit hold in a variety of ways, depending on how the deposit is made:
ATM deposit: We’ll tell you of any hold on both the ATM screen and your printed receipt.
Financial center deposit: Your deposit receipt will include a notice of any hold.
Mobile deposit: The deposit confirmation screen on your device will tell you of any hold.
Email alert: If a hold was not originally placed when you deposited the check and we later determine one is necessary, an alert will be sent to the email address you’ve provided to us.
Mail notification: If a hold notification wasn’t provided at the time the deposit was made (for example, a deposit you make by mail), a hold notice will be sent to the mailing address you’ve provide to us. If you’ve opted in to receive paperless documents, you can view the hold notice in your Online Banking account.
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Deposit holds typically range from 2-7 business days, depending on the reason for the hold. For deposits made on weekends, funds are considered deposited on Monday (the first business day), so the hold will go into effect the next business day (Tuesday).
In some cases, the length of the hold can change based on new information we may receive or discover. If this happens, you will be notified promptly through mail and/or email.
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You can visit our Better Money Habits® website and view a video on how banks process deposits. This will explain further how banks process deposits and why you, or the person you wrote a check to, may not be able to immediately access the money.
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Unfortunately, due to risk factors including the potential for fraud, we can’t accept third-party verification that a check has cleared the originating bank account in order to release a deposit hold.
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The hold allows us (and the bank paying the funds) time to validate the check – which can help you avoid potential fees in the event a deposited check is returned unpaid. Keep in mind, though, that a check may still be returned unpaid after funds have been made available to you.
What is a deposit hold? The amount of time a bank or credit union holds funds you deposit by check is sometimes referred to as a “deposit hold” or “check hold”. Some banks or credit unions may make funds available more quickly than the law requires, and some may expedite funds availability for a fee.
The Expedited Funds Availability Act (EFAA) regulates the hold periods that commercial banks can make on deposits. The four main types of deposit hold types are statutory, large deposit, new account, and exception holds.
Common reasons for placing a hold on a check or deposit include but are not limited to: Accounts with frequent overdrafts. New customer. High-dollar deposits that exceed the total available balance in the account.
When you use your debit card without entering your PIN, the amount of the transaction is placed on hold in your account until the transaction is processed. During this holding time, usually 2-4 days, the amount will show as a pending debit.
The Federal Reserve has set baseline rules for check deposits: The first $225 must be available the next business day, while amounts from $226 to $5,525 must be available within two business days after the deposit, and amounts of $5,525 or more generally should be accessible on the seventh business day.
Other reasons the bank may elect to place a hold is if you recently opened your account, your deposit is unusually large, or your account has recently been overdrawn. A hold may also be placed if the bank is concerned that the check may not be paid.
A hold can be placed if a bank has reasonable cause to doubt the collectability of the check. This is referred to as "doubtful collectability." It can occur with postdated checks, checks that are dated six months prior or more, and checks that the paying institution has deemed it won't honor.
According to banking regulations, reasonable periods of time include an extension of up to five business days for most checks. Under certain circ*mstances, the bank may be able to impose a longer hold if it can establish that the longer hold is reasonable.
You can ask your bank to provide an explanation for the hold or sometimes even to release the hold. In most cases, you won't be able to do anything about the hold though, and because all banks have them, you can't switch banks to avoid them either.
At Bank of America, for example, a mobile check must be deposited by 9 p.m. ET (for Eastern and Central time zones) or 8 p.m. PT (for Mountain and Pacific time zones) for it to clear by the next business day.
With this service, payments are processed within two hours. Bank of America processes direct deposits at different times depending on the type of deposit. Electronic deposits are usually processed before 8:00 am on business days, while paper checks are typically processed later in the day.
Payments (other than payments to a Bank of America Payee) initiated before 5:00 p.m. ET on a business day will be scheduled and begin processing on the same business day. Payments that are entered after this cut-off time or on a day that is a non-business day will be scheduled and processed the next bank business day.
If you've ever received your paycheck via direct deposit, this is an example of an ACH transaction. ACH debits and credits require time for processing. If you see that an ACH funding hold has been placed on your bank account, it simply means that the deposit or deduction is pending until the funds have been processed.
You can ask your bank to provide an explanation for the hold or sometimes even to release the hold. In most cases, you won't be able to do anything about the hold though, and because all banks have them, you can't switch banks to avoid them either.
Funds deposited before 9:00 p.m. ET on a business day will generally be available the next business day. Funds deposited before 8:00 p.m. PT on a business day will generally be available the next business day. You will be notified if a hold is placed on any deposited funds.
If your payroll check is a direct deposit, then the bank generally is required to make the funds available for withdrawal not later than the business day after the banking day on which the bank received the electronic payment.
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