I deposited a check on the 4th, it might not be available until the 15th!
Posted Nov 10, 2022, 9:50 PM UTC
1436
Deposited on Friday, the 4th (nothing processes).
Received Monday the 7th.
Bank holiday on Friday the 11th (Veteran's Day).
In your account Tuesday would be 5 business days (M-Thursday, plus Monday the 14th).
Sounds about right.
17
Available on Tuesday the 15th?
3
Yeah it's in their Support section.
You will receive an email as soon as your check is successfully submitted for review, but your pending deposit will not display in your app until after it has been accepted and can occasionally take up to 1 business day after being accepted to appear. Funds are made available 4 business days after the deposit appears in your account.
So, you deposit on a Friday.
Monday they approve it.
Tuesday - business day 1
Wednesday - business day 2
Thursday - business day 3
Friday - bank holiday
Monday - business day 4
Tuesday - in your account
9
There's a secret trick to getting this to work faster: instead of going to the One app, open the app of your local credit union.
12
Srsly
2
Pls explain how this works.. if you’re seriously serious…
1
They mean use a credit union instead of One
2
Yeah I was just saying don't use One to deposit checks. Or for anything else, for that matter.
1
I got 5k worth of checks. Took them to the Credit Union. I don't even use it much but it was available immediately. I was shocked
4
I've never seen a bank take 7 business days to complete a check deposit.
3
One said hold my beer
6
How long do I have to hold it for?
3
At least 7 business days
6
*takes sip
1
It’s not 7 business days. You had that weekend, the holiday today and this weekend. Depending on what time you made the deposit on Friday 11/4, it’s the standard 3-5 business days.
I don’t recall One’s cutoff time, but it’s usually something like 4pm EST.
1
I ran into that too often with these online banks. I realize check fraud is probably super easy to do via e-deposits but some of these hold times were just insane.
2
Simple was always pretty quick. But I'm not entirely sure how the whole ACH process occurs behind the scenes.
2
Yeah, I would find a real bank that will make deposits available to you the same day like Schwab.
2
I don't even have the ability to deposit a check anymore.. this is what I was told on the support chat..
"Back in September in the update, some features were removed and others were added, this one was removed, we know it might be hard to get used to the changes but in the end will be worth it, you can still be doing a cash-out with the check-in any bank that you have an account with them or the bank where the check was issued."
Very good to know that this was a complete lie, and other users have access to it when I don't.
2
Wow. Yeah. I wonder why it's still there for me.
"It'll be worth it in the end" is such a BS excuse.
2
Others were added 😂😂😂
1
Up to four business days.
1
Capital One made my check available within the day. Granted it was under $200. But I deposited VERY early last night and it was in my account at some point today.
Edit: Capital One DEPOSITED my check within the day**
Edit: I SCANNED my check for mobile deposit VERY early in the morning last night and it was deposited into my account at some point today**
1
My check is $130 ;_; I just want to eat!!!
1
Just fyi when funds are made “available” before the check clears, they can still take it out of your account if the check bounces. So, in a way, a bank not essentially “loaning” you the funds so have them earlier is a good thing.
0
Email said my money was deposited not made available.
Edit: Just to add onto this bc the other person either deleted or blocked me
So the way Capital One works is there is a Balance amount and a Available amount.
Balance amount is what I have and available amount is what is available to spend.
I've had it happened before where a check was larger and it showed up in my balance amount but was not in my available amount. They were holding onto the check to make sure it cleared.
Once it was available Capital One sent me an email saying the funds where now deposited into my amount. And the funds showed up in my available balance.
Here the thing. Not all banks have the same protocol. Some do things differently. Capital One from my experience does not allow you your money until the check clears.
1
Not all banks have the same protocol
That’s not true. Banks are required by law to make available at least the first $225 of check deposits the next business day regardless if the check has cleared. (They can also take it out of your account if the check doesn’t clear, even if it puts your account in overdraft.)
That’s why your larger check was made only partially available.
ONE is a fintech company, not a bank, so the law doesn’t apply to it.
2
Deposited just means you made the deposit and your bank has accepted it. It doesn’t mean the check has cleared on the other end.
By “available” I mean it’s in your Available Balance. It’s not actually going to say it’s been “made available” (a term you used yourself).
1
What? No. Banks follow the same regulations.
the way Capital One works
Every bank works like that.
1
How do you deposit a check? I don’t see the option anymore.
1
"Add $" > "Check Deposit"
1
The option is no longer there for me. What a great bank!
2
Wow.
1
My larger check was never particularly made available. I never said that.
1
Gotta love banks, can take money out of your account an instant but will gladly take 5 business days, holidays and sick days to add money to your account.
From what I understand, things happen instantly on the other end and processing just takes time. The funds get taken out from the account immediately and then delivery processing takes time, in either direction. So you see withdrawals as immediate and deposits as taking a while, but the bank account on the other end sees that same withdrawal immediately.
Just another fun process of our Ye Olde Steam Powered Banking System