Although the number of checks are declining rapidly, we still get a number of questions regarding checks, or more specifically, calls from frustrated consumers on checkholds.

A checkhold is the length of time a bank is permitted to hold onto the funds before you may have access to them.

The length of time a bank can hold onto the funds depends on two factors:
1. Check deposit amount
2. Local/Nonlocal check (this is determined by check processing region the banks are in)

If the deposit amount is for less than $5000 and the checks are local checks, funds will be available on the 2nd business day.

If the deposit amount is for less than $5000 and the checks are nonlocal checks, funds will be available on the 5th business day.

If the deposit amount is for more than $5000 and the checks are local checks, the funds won’t be available until up to 7 business days for local checks. Tack on an additional 5 business days if the checks are nonlocal.

You should have access to $100 of the deposit the next business day no matter what type of check it is and what amount.

There may be exceptions for U.S. Treasury checks, other state or government checks, cashier’s checks, new customers, redeposited checks

The upside is that sometime in 2010 there will be only one check processing region--which means nonlocal checks will become extinct. Or more importantly, you won't have to wait so long to have access to your funds!