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| *The Commerce Journal>>>Personal Finance |
I deposited my pay check in my bank, and now I want to close my account? |
I deposited my check, and its taking an eternity for the check to clear, and its a city check! Is it possible for me to close my account with the bank at this point? What will happen to my money if I close the account right now, before the check clears? Nope, you can't close the account until the funds clear, but if it takes more than 2 weeks to clear I would speak to the bank manager and make sure there isn't something wrong and if there isn't ask him/ her to release the hold so you can close your account. If is has only been a few days they won't release the hold, or if you have a bad history with the bank(ie account being overdrawn multiple times for several weeks, writing bad checks ect). Also you can give your bank's customer service line a call and they can tell you when the hold will be release and you can wait until that day and close your account. Just be careful you don't have any outstanding checks when you close your account. Source(s): worked as loss prevention and management for a bank You will not be able to draw against the check until it clears, so there is no point in trying to close the account until that happens. It only takes a few days. You will have to wait for the check to clear...even in the electronic day and age it can take 5 days for a check to clear if the check you deposited was drawn off a bank that uses a different federal reserve bank than your bank. Your bank will not release the funds until they know the check you deposited was good. Payroll checks bounce all the time, so they won't take the chance...sorry Bank Teller You should wait for the check to clear. Otherwise, your employer will have to stop payment on it and issue a new one which could take a few weeks. It should clear in a day or two. You should be able to call them and cancel and they will send you any money. But you are responsible for any checks that written on the account. Hmm, I would expect a paycheck to clear in a day or two. Once the funds are in your account, you can withdraw them (in a cashiers check, for example, or cash) and open a different account, or spend them. But during this "float" period, I think you are stuck. Here are 2 approaches: talk to the bank staff and ask them to close the account right after then can issue you a check. Or ask the city (good luck!) to void the check the issued and issue you a new one. But this will cause a lot of trouble when your closed account tries to process the cancelled check... Best to wait I guess, sorry... |
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