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Unless the check specifically says, “For Deposit Only,” the person who receives it can cash it. That can be a problem if someone gives you a check to deposit and you end up losing it. Whoever ...
Regulation CC stipulates four types of holds that a bank may place on a check deposit at its discretion. Each has its own qualifications and it is legal for the bank to place any type where the requirements are met, although bank policy may instruct that the type of hold placed be the one that holds the most funds the longest that can be applied legally.
Sign the check as usual – Add “For Mobile Deposit Only” under your signature if required. Follow your bank’s mobile app instructions – Take a clear photo of the front and back of the check.
From there, you can deposit your check, link your physical bank account to your online-only account, and transfer funds into your preferred account electronically.
An on-us check is a negotiable item which is drawn on the same bank that it is presented to for payment. [1] [2] For example, a check drawn on Bank of America, presented for deposit at another branch of Bank of America, would be considered an on-us check. The same item presented for deposit at Wells Fargo Bank would be considered a transit check.
The Expedited Funds Availability Act (EFAA) of 1987, implemented by Regulation CC, defines when standard holds and exception holds can be placed on checks deposited to checking accounts, and the maximum length of time the money can be held. A bank's hold policy can be less stringent than the guidelines provided, but it cannot exceed the guidelines.