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Understanding Check Holds: A Guide by O1ne Mortgage

What Is a Check Hold?

A check hold, also known as a deposit hold, is a period during which you cannot access the funds from a check you’ve deposited into your bank account. Typically, the full amount of your deposit becomes available within two business days. However, this can vary based on several factors such as the check amount, the issuing bank, and the method of deposit (teller, ATM, or mobile app).

Why Is My Check on Hold?

Banks place holds on checks to ensure that the check will clear. Generally, the first $225 of a check is available the next business day, with the remaining amount available the following business day. However, there are exceptions, such as new accounts, large deposits, or checks deposited at non-owned ATMs.

How Long Can a Bank Hold a Check?

For most check deposits, the first $225 is available the next business day, and any amount over that is available the day after. However, banks can hold checks longer under certain conditions, such as new accounts or large deposits. The cutoff time for deposits also affects the hold duration, with deposits made after the cutoff considered the next business day.

How to Avoid Check Holds

Check holds can disrupt your finances, but there are ways to minimize their impact:

• Understand your bank’s check hold policies.
• Opt for direct deposit whenever possible.
• Deposit checks in person for faster access.
• Deposit checks before the bank’s cutoff time.
• Evaluate check hold times when choosing a bank.
• Sign up for overdraft protection to cover transactions when funds are short.
• Set up account alerts to stay informed about your balance and deposits.

The Bottom Line

Being aware of your bank’s check hold policies can help you avoid running short of funds. If you need assistance with any mortgage services, O1ne Mortgage is here to help. Call us at 213-732-3074 for expert advice and support.

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