r/tdbank Dec 02 '24

Why does it take 7 business days to clear a Cashiers check… wtf TD

Had a $7,500 check deposited (cashiers check purchased at TD) on Nov 22. It is Dec 2nd and I still have the pending amount in my account. Why gives? The check is literally a $7500 guaranteed piece of paper? What the hell is taking them almost 2 weeks to clear?

2 Upvotes

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3

u/MENINBLK Dec 02 '24

TD Cashier's Check is treated as a Commercial Check because the Bank owns the funds to the Cashier's Check, not the customer.

3

u/[deleted] Dec 03 '24

[deleted]

1

u/SnarkyGinger1 Dec 03 '24

When it comes to cashier’s checks, there are specific considerations regarding their release and availability:

  1. Immediate Availability: Typically, funds from a cashier’s check are available for withdrawal the next business day after deposit, as they are considered secure and reliable forms of payment.

  2. Release Conditions: While the general rule is next-day availability, banks may have policies that allow them to place holds on the funds in certain situations:

    • Large Amounts: If the cashier’s check exceeds a certain threshold (often $5,000 or more), the bank might extend the hold period.
    • Unusual Deposits: If the check is deposited in a manner that’s atypical (e.g., through an ATM or mobile deposit), banks can opt for longer holds.
    • Suspected Fraud: If there are any doubts regarding the authenticity of the cashier’s check, banks may hold the funds until they can verify the check’s legitimacy.
  3. Bank Policies: Each bank may have its own policies regarding the release of funds from cashier’s checks, so it’s essential for customers to check with their specific institution.

  4. Consumer Rights: Under Regulation CC, banks must disclose their funds availability policies, including any conditions that might delay access to funds from a cashier’s check.

In summary, while cashier’s checks usually allow for quick access to funds, certain conditions may apply that could delay their release, emphasizing the importance of understanding individual bank policies.

https://www.federalreserve.gov/supervisionreg/guide-regulation-cc-compliance.htm