[dirtboy]

By Law the bank could place a hold for 5 days in an effort to hold down fraud. Often time collecting those funds from bank to bank would take the whole 5 days

I disagree. It shouldn't have taken more than two days. The other three days, the bank gets to play with my money interest-free.

Likewise, Check21 might get me the money in 2-3 days. But the bank will get it within a day. So they still get to sit on my money.

[maui_hawaii]

Who cares if you disagree. Thats the way it is.

Its not a matter of opinion.

It all depends on which banks are clearing items.

Lets say the bank placed a hold for 5 days but the clearing process took 3 days. Some banks are faster than others...some states are farther away than others...so that happens.

Customers have the right by law to have the hold removed as soon as the funds are collected.

When you ask for a balance, instead of current balance ask for collected and available balance too.

If the collected balance is more then you can get your money in about 60 seconds or less...at least in our bank.

The clearing time is based largely on proximity from one bank to the other.