This article also appeared in the September 2014 issue of Consumer Reports magazine. You probably also expect to be able to use that money whenever you need it. If not , is it safe to say we can hold as long as we like? "Checking Account Fees," Page 1. When in doubt, ask your bank's customer service department for advice about how to expedite the deposit process. YOU AGREE NO ORAL OR WRITTEN ADVICE OR REPRESENTATION OBTAINED FROM ANY NATIONAL BANK EMPLOYEE OR REPRESENTATIVE SHALL CREATE A WARRANTY OR REPRESENTATION FOR PURPOSES OF THIS AGREEMENT OR SERVICE TO BE PERFORMED PURSUANT HERETO. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, NATIONAL BANK MAKES ABSOLUTELY NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, EXPRESSED OR IMPLIED, IN LAW OR IN FACT, TO YOU OR TO ANY OTHER PERSON, AS TO SERVICE OR ANY ASPECT THEREOF, INCLUDING (WITHOUT LIMITATION) ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, QUALITY, ACCURACY, OR SUITABILITY, AND NATIONAL BANK HEREBY DISCLAIMS ANY AND ALL OF THE SAME. Use direct deposit. If you make the deposit before 3:00 p.m. Eastern Time on a business day that we are open, we will consider that day to be the day of your deposit. You save time and hassles by not traveling to a bank branch and not waiting in a teller line. Temporary holds may be placed on mobile deposits. If a check is redeposited (because it bounced when it was first deposited), the bank can add a longer hold. Frank Aloi, president of Ath Power Consulting, a financial-­services-­industry research firm based in Boston, says it’s the feature most desired by mobile-banking-app customers. And, of course, weekends and holidays don’t count as business days. A bank's "funds availability policy disclosure" explains how long you need to wait to spend or withdraw funds after you make a deposit.  Federal law provides some limitations on holding periods, but banks set their own policies. Banks provide that information to prevent surprises, but most people don't pay attention to these policies until they’re stuck waiting for funds to clear. Mobile Deposit Capture Disclosure & Agreement. The amount, the payee, signature(s), and endorsement(s) on the original check are legible, genuine, and accurate. You will not deposit or otherwise endorse to a third party the original item (the original check) and no person will receive a transfer, presentment, or return of, or otherwise be charged for, the item (either the original item, or a paper or electronic representation of the original item) such that the person will be asked to make payment based on an item it has already paid. You are authorized to enforce each item transmitted or are authorized to obtain payment of each item on behalf of a person entitled to enforce such transmitted item. Have your paycheck, Social Security benefits, and other income electronically direct-deposited to your account instead of receiving paper checks that must then be deposited. Consumer Compliance Examination Manual: Expedited Funds Availability Act, Checks issued by the U.S. Treasury (such as your tax refund or Social Security), Checks drawn on the same bank that you’re depositing to. Accessed Feb. 8, 2020. In some cases, they add a hold later (and mail you a notice), so if you're running low on funds, it’s wise to check your account balance before spending. You have not knowingly failed to communicate any material information to National Bank and will provide us all reasonable assistance with any questions related to your deposits. Federal Deposit Insurance Corporation. -- How is that handled? You have possession of each original check deposited using the service and no party will submit the original check for payment. Don't Spend the Money Too Quickly, Bank Holidays Can Delay Payments and Cause Problems. The amount that is immediately available is based on each member's individual relationship, including factors such as years of membership, average deposit balances, loan balances, and account history.