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New limits on depositing checks?

CaptHenwayCaptHenway Posts: 32,715 ✭✭✭✭✭

Excuse me if this was discussed and I missed it, but I just got my personal checking account statement, and in it was a letter that said that as of July 1, 2025, if I deposit checks totaling more than $6,725 on any one day the money may not be available for up to SEVEN business days.

Is everybody getting this, or is it just my bank?

Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.

Comments

  • jshaulisjshaulis Posts: 903 ✭✭✭✭

    I haven't heard of anything like that from the 3 different banks i have accounts with.

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  • MFeldMFeld Posts: 14,852 ✭✭✭✭✭

    You might want to (no pun intended) “check” a banking forum.

    Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.

  • Downtown1974Downtown1974 Posts: 6,989 ✭✭✭✭✭
    edited July 22, 2025 3:00PM

    As a matter fact I just heard this today. This morning I transferred $9,000 into an account used for college tuition. The teller said it will clear in increments with the final amount clearing on the 7th business day.

    Edited to add…I wrote a check from my checking account to deposit it in another bank that is used for college.

  • CaptHenwayCaptHenway Posts: 32,715 ✭✭✭✭✭

    I am told that this is basically boiler plate banking fine print that has been around for some time, that the bank can enforce if it wishes to but most banks don’t on most deposits. The only reason I got a letter is that the minimum just got adjusted for inflation.

    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • Aspie_RoccoAspie_Rocco Posts: 3,635 ✭✭✭✭✭

    My bank navy federal never does that to me, probably because I do not get checks that big very often :D:'(

  • BustDMsBustDMs Posts: 1,691 ✭✭✭✭✭

    Negotiated a better deal with my bank. Talk to a decision maker, not the branch flunkie.

    Q: When does a collector become a numismatist?



    A: The year they spend more on their library than their coin collection.



    A numismatist is judged more on the content of their library than the content of their cabinet.
  • DDRDDR Posts: 1,625 ✭✭✭✭✭

    My bank is like that and it has been that way for some time.

  • willywilly Posts: 361 ✭✭✭✭✭

    Many banks have done it that way for years on personal accounts. $1,000 available right away up to $5,000 in 3 days and 7 -10 days for the balance. My business accounts all clear same day.

  • HallcoHallco Posts: 3,673 ✭✭✭✭✭

    Reg CC changed. ALL larger checks are subject to longer holds, but most institutions have a 2 or 7 day for current account holders. The $6,725.00 is not a cutoff amount. Quite the opposite. Unless there is a concern with reasonable cause to the checks collectability, this amount must be made available to you after a certain amount of time(increased from $5,525.00). So in essence, it is more helpful to consumers who need access to the funds sooner rather than later!

  • Coins3675Coins3675 Posts: 300 ✭✭✭

    Why is the number $6,725.00?

  • HallcoHallco Posts: 3,673 ✭✭✭✭✭

    @Coins3675 said:
    Why is the number $6,725.00?

    Adjusted for inflation as the Captain stated. Established by the Feds working in collaboration with the Consumer financial Protection Bureau.

  • BAJJERFANBAJJERFAN Posts: 31,288 ✭✭✭✭✭

    I thought that few years ago or maybe longer that checks had to clear in one day instead of 3.

    theknowitalltroll;
  • keyman64keyman64 Posts: 15,533 ✭✭✭✭✭

    Two business days for me at my credit union. I don't deal with banks. There are plusses and minuses with this though. The benefits far outweigh any minor inconveniences though.

    "If it's not fun, it's not worth it." - KeyMan64
    Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners. :smile:
  • rte592rte592 Posts: 1,886 ✭✭✭✭✭
    edited July 22, 2025 10:02PM

    @Hallco said:

    @Coins3675 said:
    Why is the number $6,725.00?

    Adjusted for inflation as the Captain stated. Established by the Feds working in collaboration with the Consumer financial Protection Bureau.

    21.72% inflation?
    If I did the math right?
    $5525.00 adjusted to $6725.00

  • jesbrokenjesbroken Posts: 10,583 ✭✭✭✭✭

    I just deposited my GC check and in front of me was a lady who was depositing a check and was told there would be a 5 to 7 day hold because of the amount. She said had they been a regular customer it would have been 3 days. When I got to the teller, whom I know, their was no hold on the check. I can remember my son having a check held on his comic artwork check being held and he was mad, but is what it is.
    Jim


    When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln

    Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
  • jmlanzafjmlanzaf Posts: 36,475 ✭✭✭✭✭

    @rte592 said:

    @Hallco said:

    @Coins3675 said:
    Why is the number $6,725.00?

    Adjusted for inflation as the Captain stated. Established by the Feds working in collaboration with the Consumer financial Protection Bureau.

    21.72% inflation?
    If I did the math right?
    $5525.00 adjusted to $6725.00

    It's probably not adjusted annually.

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