How do cashiers checks work?

[Vicious]

I assume i'll probably need to open a bank account with whatever bank to open it. Do they cash it instantly or do the hold on to it? Does it matter how much it's for?

[enevitable]

most banks clear cashiers checks instantly, thats why they are treated like cash

have you considered using a money order for whatever you are doing? they only go to 1000, but are regarded as easier

[Underpantsman]

They will insta-cash it, its like a money order, you gotta buy it.

[GimmieMore]

money orders are easier, cheaper, and more widely accepted.

[Vicious]

It's being mailed to me from another bank. From what I understand if it's over 5k they can hold it. But this is where I'm confused.

an account is considered new for the first 30 calendar days after it was created. The account would not be defined as new if any of the customers on it had another established account at the same bank for at least 30 calendar days.

Different financial institutions have different availability schedules.

* Cash, wire transfers, and ACH credit transfers have next business day availability.
* An official-type check for $5,000 also has next-day availability.
* An official-type check over $5,000 would have ninth business day availability. (An official check is one issued by the bank.)
* Each bank may establish its own policy for on-us (drawn on the bank), local, and nonlocal checks, as these do not have a specific business day availability.

The bank placed a hold on a non-local check deposited into my account, but I need the money. Can I get the bank to release the hold?

Ask the bank if it will release the hold sooner. But keep in mind that funds become available for withdrawal depending on the type of deposit. Non-local checks generally have fifth business day availability. Generally, a national bank must make the first $100 from the deposit available on the next business day.

For example, if you deposit a $500 check, you can access $100 of that amount on the next business day, and the remaining $400 on the fifth business day.


So I should be able to take a little money out they day after weither they're holding it or not so long as it's cleared?

I deposited $10,000 to my account. When will the funds be available for withdrawal?

For deposits in excess of $5,000, banking laws and regulations allow for exceptions to the availability of funds. Exception holds include deposits over $5,000 which may be applied to any deposit of checks (including official checks) to any and all account(s) where the aggregate amount of the checks deposited on a banking day exceeds $5,000.

The hold may be placed only on the amount deposited in excess of $5,000; thus, the first $5,000 must be made available consistent with the bank's normal availability schedule.

When the large deposit exception is applied, the bank may extend the time periods established under the availability schedule by a reasonable period of time. According to the banking regulations, reasonable periods of time include an extension of up to five business days for local checks and six business days for non-local checks. However, under certain circumstances, a longer extension may be reasonable.

In addition, the account agreement you received when you opened the account should explain the availability process.

Checks over 5k are likely to be held, unless I read this wrong it's saying I can immedietly take <5k and the remainder will hold to be cleared?


I really want an 8th of this DRO and dude will front it to me, check should be in any day. he said he'd be cool for a week but I really don't want to make him wait that long, or have them hold it longer and have me fucked. I'm bout to check different banks policies tomorrow and see where i want to open my account.

[Underpantsman]

The bank that is mailing it to you, do they have a branch in your area? If they do, just take it there and cash it. No account needed.

[Vicious]

Nope, norther bank only.