4 ms·
There is absolutely no instant spending of money deposited by check in the US. Checks have to clear, in some situations there can be a 1-5 hold for the entire a
by aioprisan 9y ago
There is absolutely no instant spending of money deposited by check in the US. Checks have to clear, in some situations there can be a 1-5 hold for the entire amount, and the money can be returned within 30 days. Most banks will make a very small amount available for instant spend, in the $100-500 range. So I would say we're very far from instant free payment, don't you think?
- mortehu 9y agoI live in US and have a USAA bank account which allows this. They do not wait for the check to clear, even if it's tens of thousands of dollars. Obviously they reserve the right to bring your account into negative balance if the check fails to clear and you have spent it all. I guess it's akin to a line of credit?