We've all been there – you deposit a check, and then you're left wondering, when will that money actually be available? It's a common question, especially with larger sums or when you need access to funds quickly. At Bank of America, like all financial institutions, there are specific rules and timelines for when deposited checks become available. This comprehensive guide will walk you through everything you need to know, from the basic timelines to factors that can cause delays, and how to get that money in your hands as soon as possible.
Let's dive in and demystify the process!
Understanding Check Deposit Availability at Bank of America: A Step-by-Step Guide
The speed at which your deposited check becomes available largely depends on how you deposit it, when you deposit it, and what kind of check it is. Bank of America adheres to federal regulations, primarily the Expedited Funds Availability Act (EFAA), also known as Regulation CC, which sets the framework for these timelines.
Step 1: Identify Your Deposit Method – How Did You Deposit the Check?
This is the first and most crucial step in determining your funds availability. Bank of America offers several ways to deposit checks, and each has its own general timeline.
Sub-heading 1.1: Mobile Check Deposit (via Bank of America Mobile Banking App)
This is often the most convenient method for many, allowing you to deposit checks from almost anywhere.
- General Availability: Deposits made on a business day before the cutoff time are typically processed that night and generally available the next business day.
- Cutoff Times: These vary by time zone. For accounts opened in the Eastern or Central time zone, the cutoff is usually 9:00 PM ET. For Mountain or Pacific time zones, it's typically 8:00 PM PT.
- Non-Business Days/After Cutoff: If you deposit on a Saturday, Sunday, holiday, or after the cutoff time on a business day, your deposit will be considered made on the next business day and generally available the business day following that processing date.
Sub-heading 1.2: ATM Check Deposit (at a Bank of America ATM)
ATMs offer another convenient way to deposit checks without needing to visit a teller.
- General Availability: Similar to mobile deposits, checks deposited at a Bank of America ATM on a business day before the cutoff time will generally be available the next business day.
- Cutoff Times: These generally align with mobile deposit cutoffs (e.g., 9:00 PM ET for Eastern/Central, 8:00 PM PT for Mountain/Pacific).
- Cash Deposits at ATM: Cash deposits at a Bank of America ATM are usually available immediately.
- Third-Party ATM Deposits: If you deposit a check at an ATM that isn't a Bank of America ATM, the funds may take longer to become available, potentially up to five business days or more, as per general federal regulations. Always try to use a Bank of America ATM for quicker access.
Sub-heading 1.3: In-Person Check Deposit (at a Bank of America Financial Center)
Depositing with a teller at a Bank of America branch can sometimes offer the quickest access, especially for certain types of checks.
- General Availability: For most standard checks deposited in person, funds are generally available on the first business day after the day of deposit.
- Cash Deposits: Cash deposits made in person are typically available immediately.
- Cutoff Times: Deposits made before the branch's close of business on a business day are considered deposited on that day. Deposits made after hours or on non-business days are considered deposited on the next business day.
Step 2: Understand the "Business Day" and "Cutoff Time" Concept
This is a critical concept to grasp for check availability.
Sub-heading 2.1: What is a Business Day?
- A "Business Day" at Bank of America, as per federal regulations, means any day other than a Saturday, Sunday, or a federally declared legal holiday. This is crucial because the availability clock only ticks on business days.
Sub-heading 2.2: What is a Cutoff Time?
- The "cutoff time" is the specific time on a business day by which your deposit must be received for it to be processed that day. If you deposit a check after this time, it's treated as if you deposited it on the next business day. This can effectively add an extra day to your waiting period. Bank of America's cutoff times can vary by the type of deposit and the time zone your account was opened in.
Step 3: Consider Factors That Can Cause Delays (Holds)
While the general timelines are helpful, certain situations can lead to a hold being placed on your deposit, extending the availability period. Bank of America will typically notify you if a hold is placed and when the funds will become available. These holds are governed by Regulation CC and are designed to protect both you and the bank from potential fraud or bounced checks.
Sub-heading 3.1: Large Deposits
- When it Applies: If your total check deposits for a single business day exceed $5,525, a portion of the funds may be held longer.
- Availability: Typically, the first $225 of the deposit is available on the next business day. The amount over $5,525 might be held for up to five business days or even longer (up to the seventh or ninth business day, depending on the specific circumstances and the bank's policy for the remaining amount).
Sub-heading 3.2: New Accounts
- When it Applies: If your Bank of America account is relatively new (typically less than 30 days old), deposits may be subject to longer holds.
- Availability: Funds might not be available until the ninth business day after the deposit. This is a common practice to mitigate risk with new customer relationships.
Sub-heading 3.3: Repeated Overdrafts
- When it Applies: If your account has been repeatedly overdrawn in the past six months (e.g., a negative balance of $5,525 or more for two or more banking days within the preceding six months), your deposits may be subject to extended holds.
- Availability: Funds may be held for up to the seventh business day after the deposit.
Sub-heading 3.4: Reasonable Doubt/Suspicion of Uncollectibility
- When it Applies: If Bank of America has a reasonable belief that the check will not clear (e.g., the check appears altered, or there's suspicion of fraud), they can place a hold.
- Availability: The funds may be held for up to the seventh business day after the deposit.
Sub-heading 3.5: Emergency Conditions
- When it Applies: In rare cases, an emergency condition (like a natural disaster, computer system failure at the bank, or communication equipment failure) might prevent Bank of America from making funds available on time.
- Availability: Funds may be held for up to the seventh business day after the deposit.
Sub-heading 3.6: Checks from Outside Your Local Federal Reserve Check-Processing Region (Non-Local Checks)
- Important Note: With the advent of Check 21 (Check Clearing for the 21st Century Act), which allows for electronic processing of checks, "non-local checks" as a distinct category with longer hold times are largely a thing of the past. Most checks are now processed electronically, significantly speeding up the clearing process. However, in rare instances where a physical check needs to be transported, it could theoretically add a day or two.
Step 4: Monitor Your Account and Look for Notifications
- Online/Mobile Banking: The best way to track your check's availability is through Bank of America's online banking or mobile app. Your balance will often show the deposited amount immediately, but it's crucial to look for the "available balance" or details about "holds."
- Notifications: Bank of America is required by Regulation CC to notify you if they place a hold on your deposit. This notification will tell you the amount being held and when the funds will be available. If you don't receive funds as quickly as expected, always check your online banking messages or contact customer service.
Step 5: Plan Accordingly and Communicate If Necessary
- Anticipate Holds: If you know you're depositing a large check or opening a new account, anticipate that there might be a hold. Plan your spending accordingly to avoid overdrafts.
- Ask for Expedited Availability (Rare): In very limited emergency situations, you might be able to speak with a bank representative at a financial center to see if any portion of the funds can be made available sooner. This is entirely at the bank's discretion and typically only for extreme circumstances.
Quick Recap of General Timelines:
- Most Common Scenario (Mobile/ATM/In-Person Standard Checks): Funds are generally available the next business day after the day of deposit, provided the deposit is made before the cutoff time on a business day.
- Cash Deposits (ATM/In-Person): Usually available immediately.
- Large Deposits (over $5,525): The amount over this threshold may be held longer, up to 5-9 business days.
- New Accounts (under 30 days old): Deposits may be held for up to 9 business days.
- Problematic Checks/Accounts: Up to 7 business days (e.g., repeated overdrafts, suspected fraud).
Remember: The stated balance in your account may reflect the deposited amount, but the "available balance" is what you can actually withdraw or use. Always refer to your available balance.
10 Related FAQ Questions
How to check my available balance for a deposited check at Bank of America?
You can check your available balance by logging into your Bank of America online banking account or through the Bank of America mobile app. The "available balance" will show the funds you can immediately use, while the "current balance" might include funds that are still on hold.
How to get a check to clear faster at Bank of America?
To potentially get a check to clear faster, ensure you deposit it at a Bank of America branch in person or at a Bank of America ATM during business hours and before the daily cutoff time. For new accounts or large checks, understand that holds are a standard procedure. Electronic methods like direct deposit are always the fastest for recurring payments.
How to avoid check deposit holds at Bank of America?
You can't always avoid holds, especially for large amounts or new accounts, as they are regulatory requirements. However, you can minimize delays by ensuring your account is in good standing, avoiding frequent overdrafts, and using direct deposit whenever possible for regular income.
How to know if my check deposit has cleared at Bank of America?
Your check deposit has cleared when the full amount is reflected in your "available balance" in your Bank of America online banking or mobile app. You will no longer see any "pending" or "held" amounts associated with that deposit.
How to dispute a long hold on my check deposit at Bank of America?
If you believe a hold is unjustified or excessively long based on Bank of America's stated policies and federal regulations, contact Bank of America customer service or visit a financial center. Be prepared to explain your situation and refer to their funds availability policy.
How to find Bank of America's cutoff times for check deposits?
You can find Bank of America's specific cutoff times for mobile and ATM check deposits on their official website, typically in the "Help" or "FAQs" section related to deposits, or within the mobile banking app itself when initiating a deposit. Branch cutoff times are generally the close of business for that location.
How to deposit a foreign check at Bank of America and how long does it take?
Bank of America ATMs do not accept foreign checks. You'll need to visit a Bank of America financial center to deposit a foreign check. The availability for foreign checks can be significantly longer than domestic checks, often taking several weeks or even longer, as they require international processing and verification.
How to get emergency access to deposited funds at Bank of America?
In very rare and extreme emergency situations, you might be able to speak with a financial center manager to request expedited access to a portion of deposited funds. This is entirely at the bank's discretion and not guaranteed. It's generally reserved for situations like verified hardship.
How to understand the difference between current balance and available balance at Bank of America?
- Current Balance: This is the total amount of money in your account, including any funds from recently deposited checks that are still on hold.
- Available Balance: This is the portion of your current balance that you can immediately withdraw, transfer, or use for purchases. It excludes any funds that are currently on hold.
How to check my monthly mobile check deposit limits at Bank of America?
Your monthly mobile check deposit limits are typically displayed within the Bank of America mobile banking app when you select the account to receive the deposit. These limits are personalized and can vary based on your account history and relationship with the bank.
