student holding money

What does it mean when there’s a hold on a check at my bank?

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It is normal banking procedure for a new deposit to be held until the money is transferred from one bank to the other. This is a highly-regulated, totally common bank procedure.

  •  If you try to withdraw money because you’ve deposited a check, you must already have money in your account equal to or greater than the amount you are trying to withdraw.
  • If you do not have the money in your account your bank will not give you the money until the banking process is completed.  Example: my bank balance before the new deposit is $300, I deposit a check for $800, I can only withdraw up to $300 until the $800 check clears the bank and my bank’s hold is removed.
  •   Each bank has a written policy regarding ‘holds on deposits.’ It can be 3-7 business days depending on the banks involved (my bank holds – does not release the full amount of a deposit for 3-5 days.) You can read it on your bank’s website.

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