After a hold ends, you're free to use the money. Withdraw cash or spend using your debit card, checkbook, or any payment app linked to your checking account. However, you're still responsible for the deposit.
By clearing a hold, the bank does not guarantee that a check or money order you received was good. In other words, holds protect the bank, and you spend money at your own risk. Wait at least several weeks before you spend money from a suspect deposit—especially if anybody asks you to wire part of the funds somewhere else, which is a sign of a scam. Banks place holds on deposits because of past experience. Make a habit of checking your account balance regularly and set up alerts so you'll know if the balance falls below a certain level.
Monitor how your bank is giving you access to your funds and schedule any automated payments so they'll be certain to clear smoothly. If you plan to travel out of the country or spend money in a way that is not typical, contact the bank so they know your cards haven't been stolen.
The longer your relationship goes well with a financial institution, the more leeway they're likely to give you. Banks are allowed to place holds on deposits for a variety of reasons. Even standard deposits may not be available for one business day, and others that have been deposited via an ATM or mobile app may take longer. Your bank can hold checks for even longer if you have a history of overdrafting or the check you deposited was suspicious.
If you want to be sure a large deposit clears as quickly as possible, ask the payer for a wire transfer, money order, or cashier's check. All of these should be available within one business day. You should also be sure to deposit your check in person at a branch.
In many cases, there is nothing you can do if the bank has a hold on your deposit. You can check with your bank to make sure there isn't an error, but you'll most likely have to wait until the hold clears. Consumer Financial Protection Bureau. What Is a Deposit Hold? Wells Fargo. When Can I Withdraw the Funds? Accessed March 9, Board of Governors of the Federal Reserve.
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Develop and improve products. List of Partners vendors. Watch a video about how to avoid deposit holds Return to FAQs list. 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.
Please enter the zip code for your home address so we can give you accurate rate and fee information for your location. You are using an unsupported browser version. Learn more or update your browser. Deposit Holds FAQs. View questions about:. Get all FAQs». View all deposits FAQs. Select Your State Please tell us where you bank so we can give you accurate rate and fee information for your location.
Expand all panels Expand all panels Collapse all panels. Why does the bank place a hold on my deposit? How do I know that a deposit hold has been placed on my account? Loans and Credit Accounts and Services. Investing and Retirement Our Investing Services. Wealth Management Wealth Services. Rewards and Benefits Explore Rewards. Comienzo de ventana emergente. Deposit Hold Questions. What is a deposit hold and why was a hold placed on my deposit? What happens when a deposit hold is placed on my funds?
How do you alert me when a deposit is on hold? When will the funds from a deposited check be available? What happens if a deposited check is returned unpaid? What are Wells Fargo's responsibilities to me regarding a deposit hold? To obtain a refund of such fees, call the appropriate number below: Consumer Accounts Business Accounts
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