Five days for bank to clear paycheck?

The business doesn't have an account with the depositing bank. He could have opened a new account, which for that reason the bank places a hold. It could be a sole prop type business. Or, it could have been an out of state check. The best thing would have been to have the person go to the bank that the funds are drawn on and cash it there, because they know right then and there whether the funds are in the account. As a Branch Manager of a bank, I can tell you that these types of holds are very common for the reasons listed above. While some banks may verify funds, most don't because of privacy policies. For example, if a husband and wife come in to open an account, and a week later the husband opens another account in his name only, the bank can't even acknowledge to the wife that an additional account has been opened. Hope that helps.

My bank now credits your deposit into your account the same minute you deposit it, no matter what time of day. I do, however, remember a time in Tampa when I raised a huge ruckus. I know these checks are electronically cleared in one day. I had a large check from an insurance company ($5000) and bought my daughter a car and my check bounced, uncollected funds, about 5 days later. I called the issuing bank, and they had given MY bank the funds TWO days before. So..I walked into my bank and told them I had PROOF they had stolen my money. Went right up to the VP. Told them the other bank had given them the money two days before I wrote the check, and they were trying to say they did not have the money to give me, when they did, so they were thieves. They coughed it up really quick and gave me a letter of apology. Just deposit the check, but keep the number of the issuing bank. Call THEM the next day to see if they gave your bank the money. If so, walk in and demand it. It is yours, not theirs. If they got it they must release any holds, policy or not.

I wonder if they are putting a hold on the federal "stimulus" checks as well?

That's crazy-should not be a hold on paychecks-personal checks they always do, but paychecks another story.

of banks, that if you do not have the existing funds in the bank to cover the check (any check) that you are cashing, there is some waiting period. Been there, done that, many times in my younger days. If the situation was as I just described, there is nothing new about this. If however, you had more in your account than the value of the check (with no pending transactions and not a check that is from another state) and there is a delay, then it is time to raise an eyebrow.

that is deposited Thursday isn't credited to my account till Monday or Tuesday the past few months.

lol just wait! it will get worse.....even the banks have no faith in the banks!

as for me and my home, we shall worship the LORD