Why do banks always put new account check holds for 9 business days instead of 5 days?

By the 5th business day the check should clear.

5 Answers

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  • L
    Lv 5
    2 months ago

    You need to discuss this with your bank.  It appears every bank has their own rules about this.

  • Anonymous
    2 months ago

    Because new accounts are more risky.  And checks can clear and then be pulled back if they are determined to be fraudulent.

    I had my account debited by a collection agency a few weeks ago. The credit union paid it and charged me a $32 overdraft.  It was not my bill and I did not authorize it. So I disputed it, signed something and they removed it.

    You could deposit a stolen check and it clears but it still be fraudulent.

    Look up "chexsystems" I have a feeling they are in your future.

  • 2 months ago

    If it bounces (doesn't clear), they don't find out by the 5th business day.

  • 2 months ago

    Why do all credit cards now require a week for a payment to clear before they reinstate your credit?

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  • 2 months ago

    Because it's a NEW ACCOUNT.  They need to research YOUR financial records to determine your fiscal responsibility, or lack of it.

    Once that information is verified I'm sure future checks will be only 5 days.

    In the meantime...CHILL.

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