Q: Is it legal for a bank to hold a $5000 check for more than 5 business days?
I deposited a $5000 check on January 29th. On Tuesday February 2, I contacted the bank and ask how long would it take for the check to clear. I was told that the funds wouldn't be available until February 8th. I told them their website stated that a check for $5000 would be held UP TO 5 business days. They said that they randomly pick checks to hold for an extended period of time. Is this legal?
A: When counting business days Banks do not count the date of the deposit--in this case Friday January 29.
So count with me: Monday February 1 was the first business day;
Tuesday February 2 was day #2;
continue on counting through Friday February 5, which is business day #5;
and then look past Saturday and Sunday to see that Monday February 8 is business day #6;
so then Wednesday February 10th is the 8th business day--when you can expect to see the funds.
Unless the check bounces this week.
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