How long should it take a check to be released so you can use the funds at a credit union?

I have a checking account at a credit union in Kansas and they hold the checks I deposit for 10 days before they release the funds. Is that actually legal? Sometimes they only do it for 5 days and sometimes not, even when the checks are from the same bank over and over. Is there a law somewhere that sets a standard? I thought most funds were always released within 48 hours.

How long should it take a check to be released so you can use the funds at a credit union?

Banks can place holds on checks at their discretion so yes, its totally legal. You can reference Reg CC that will illustrate the rules surrounding availability.

How long should it take a check to be released so you can use the funds at a credit union?

When I worked at Citibank, the longest it took us to clear a check from anywhere on earth was 15 minutes. The delay you are experiencing is called the float. They are using your money to make money for themselves. Try speaking to a CPA or a banker at another bank.

How long should it take a check to be released so you can use the funds at a credit union?

Hi,

Check with your credit union as to their particular policy. I found this information on the web to be helpful in detailing the legal limits on check holds: http://thatcreditunionblog.wordpress.com...