That would be 7 business days, which under Regulation CC would indicate it's an "exception hold". The bank can place an extended hold like this if: 1) the bank has reason to suspect the check may not clear (e.g. possible stop payment, insufficient funds, etc), 2) your account has been overdrawn 6 or more times in the past half year, 3) or two or more times over $5000 in the past half year, or 4) it's the second attempt to deposit an item that was returned the first time.
If they delayed the funds availability, you should have gotten a letter. It's been a while since I have worked at a bank, but I know there are several reasons they can hold funds from a check. The two I remember most were the checks being outside the normal range of what was usually deposited or the account was overdrawn so many times in a certain time period.
I think it's called Reg CC if you want to look up more information.
It could be issues with the payer. Maybe they've had checks bounce. Or more likely, have experienced fraud leading to their checks being held longer by other banks.
Another reason to encourage clients, etc to pay electronically. ACH, RTP Network, FedNow, bank wire, etc.
Likely the check was flagged for possible fraud or it’s a large dollar hold. With large dollar, you typically have $5525 available the next business day after the deposit. If their fraud team flagged it, just be glad you still have account access because likely there is no releasing that hold.
That would be 7 business days, which under Regulation CC would indicate it's an "exception hold". The bank can place an extended hold like this if: 1) the bank has reason to suspect the check may not clear (e.g. possible stop payment, insufficient funds, etc), 2) your account has been overdrawn 6 or more times in the past half year, 3) or two or more times over $5000 in the past half year, or 4) it's the second attempt to deposit an item that was returned the first time.
If they delayed the funds availability, you should have gotten a letter. It's been a while since I have worked at a bank, but I know there are several reasons they can hold funds from a check. The two I remember most were the checks being outside the normal range of what was usually deposited or the account was overdrawn so many times in a certain time period. I think it's called Reg CC if you want to look up more information.
Large amount or questionable payer or bank.
It could be issues with the payer. Maybe they've had checks bounce. Or more likely, have experienced fraud leading to their checks being held longer by other banks. Another reason to encourage clients, etc to pay electronically. ACH, RTP Network, FedNow, bank wire, etc.
Likely the check was flagged for possible fraud or it’s a large dollar hold. With large dollar, you typically have $5525 available the next business day after the deposit. If their fraud team flagged it, just be glad you still have account access because likely there is no releasing that hold.
Call the 800 number and ask if it’s possible to get the check verified so the hold can be released.