When you deposit a check, the important thing people want to know is when that money will be in their account. Therefore, people ask themselves, how long does it take for a check to clear, and when will I have access to that money in my bank account?

When a check is deposited, the bank sends the check, or an electronic image of the check, to the payer’s bank. Some banks work with each other when it comes to clearing checks, and the Federal Reserve may assist in the transaction as well.

After you deposit a check, whether it’s going inside the bank to the teller, going through the drive-thru or depositing it through the ATM, you will usually get a receipt which lets you know when the funds will be available.

Funds are usually available in two business days. However, that can change depending on the type of check, as well as your bank. Banks do have their own standards on check clearing times, so it’s important to check with both your bank and branch to see if they have any special clearing restrictions.

Certain banks and credit unions will make funds available quicker. The Expedited Funds Availability Act of 1987 requires that banks make the first $200 available the first business day after deposit. Some banks will even make a portion of the deposit, typically $100, available at the time of the deposit.

Cashier’s and government checks usually clear within one business day, as do checks from the same bank as the one where you’re depositing the check. Certified checks usually clear by the second business day.

However, that’s a general rule. There are instances where a check can take longer to clear, and therefore longer for you to have funds available.

For larger deposits – generally more than $5,000, there can be a delay in in which the full amount of funds is available.

Another reason could have to do with insufficient funds in the check payer’s account.

The bank can also delay clearing the check and making the funds available if you’re account has been open for less than 30 days, or it has had repeated recent overdrafts.

The bottom line is, while there may be instances where a check is delayed, you should have no problem getting the funds within two business days and being able to spend the money.

Deposits via smartphone

In today’s day and age, consumers are able to make deposits via smartphone. How long will checks take to clear when deposited via smartphone? That all depends on the bank. TD Bank makes funds available the next business day. It’s the same timetable with Chase. Fifth Third Bank will make the first $100 of the deposit available, with the remaining balance available the next day.

However, GoBank, a virtual bank, holds funds from personal checks up to 10 days.

The bottom line is, usually a check will clear quickly and you’ll have your funds available, but this still depends on the situation. Therefore, make sure to pay attention to the type of check, as well as check with your bank and branch.