Banking question, cleared checks?

[melmichigan]

I received a check in the mail for something I had posted for sale. The bank told me that with everything being electronic now I will not know when the check has posted to the orginal bank. The said to wait a week to ten days and then I would have an 80% chance that it won't be returned. :confused:

[May]

I was told by my bank (Navy Federal Credit Union) that if the check comes from a major bank it clears within 24 hours and a small local bank, 5-7 days. With that being said, if someone sends me a personal check for items I have for sale, I ship 5 days after I cash the check. I haven't had a problem yet:001_smile:

[The Girls' Mom]

With everything being electronic now, it's actually FASTER than it used to be, not slower. If you wait a week to 10 days, the odds of it clearing are extremely high. Also, if you keep a copy of the check, you can call the person's bank to see if it has cleared. They can only give you a yes or no answer, but they should be able to do at least that. (unless the privacy laws have changed in the 10 years since I've worked at the bank...which is entirely possible)

[Pam L.]

80% chance after 10 days? That's real comforting isn't it???

 

Really, every bank is different. Depends upon size, location, etc. Most checks I do hold for a time to clear, but some I do not. Most honest people writing a check for materials they purchase online from a private individual have no problem with a check being held to clear.