Managing your money means knowing how much you have in your bank account. An important part of that is understanding when the money you deposit gets added to your account. Sounds simple, right? It is! Here are a few key points that can help you stay on top of your account balance.
The role of business days and holidays
All banks have guidelines on how deposits get processed. If you deposit cash, that money
goes directly to your account and will be ready for you to use immediately. But for checks and other items that might need verification (to protect you and the bank), the money usually won’t be available until the next business day.
It’s important to realize that weekends and federal holidays don’t count as business days, even if your bank is open. If you make a deposit on or the day before a holiday, or on a weekend, you can expect to wait a little longer to access that money.
Let’s say you deposit a check at your bank on a Friday. Normally, those funds would be available to you on Monday. But if that Monday happens to be a holiday, then the money won’t actually show up in your account until Tuesday — the next business day after the holiday.
Banks also have policies related to when they process transactions. Often, they wait until the end of the day, and then go in order by the time of the transaction. For instance, if you make a purchase with your debit card in the morning, then make a deposit in the afternoon, banks will usually process the debit before the deposit.
How to check your available funds
If you’re ever in doubt about whether the money you deposited is available for use, you can simply contact your bank directly and ask. You can also
check by visiting your bank’s website, using your bank’s mobile app or checking your available balance at an ATM.
Options to speed up the process
If you need a particular deposit available sooner, check with your bank to learn your options. For instance, making a cash deposit means that your money is available in your account right away. If you need to make a
deposit, but can’t get to a bank during business hours, you can often deposit funds through the bank’s ATM or mobile app — so you’re that much closer to having the money available.
Do you need to cover pending payments or emergency expenses before the next business day? Many banks may also have additional services available to make deposited funds available sooner. At TD Bank we offer
Fast Funds, which can help you keep your cash flowing with instant access to eligible check deposits.* For a nominal fee, Fast Funds gives you access to your deposited money more quickly.
This service has three key benefits:
To learn more about Fast Funds or give it a try, just ask anytime you’re making an in-person deposit at a TD store.
If you have questions about funds availability, your account balance or overdraft protection tools, please talk with a TD representative. We’re here to help you find the best ways to manage your finances and meet your goals.
What is a deposit hold and why was a hold placed on my deposit?
A deposit hold means that although a check amount was credited to your account, it's not available for your use. Wells Fargo Bank's general policy is to make deposited funds available on the first business day after the Bank receives a deposit. In some cases, however, we may place a deposit hold on these funds and delay availability for up to 7 business days. Common reasons for placing a hold on a check or deposit include but are not limited to:
- Accounts with frequent overdrafts
- New customer
- High-dollar deposits that exceed the total available balance in the account
- Deposits of checks that have already been returned unpaid
- Notification to Wells Fargo by the check maker’s financial institution that the check will be returned
What happens when a deposit hold is placed on my funds?
During the time a deposit hold is in effect, you should not write checks against or attempt to withdraw the held funds. If a deposit hold has been placed, we may decline withdrawals or return checks and other payments if the total amount of available funds in your account (not including the “hold” amount) is insufficient to pay these items.
How do you alert me when a deposit is on hold?
Generally, a deposit hold is placed at the time you deposit the check. Your deposit receipt will include information about the hold. Electronic receipts may be sent through email or to your wellsfargo.com secure inbox.
If a deposit hold is placed after the deposit, we will notify you via US Postal Service and email (if available).
When will the funds from a deposited check be available?
Generally, held funds will be available to you on the date shown on your deposit hold notification or deposit receipt. We'll notify you separately via US Postal Service or email if the deposited check is returned unpaid or if that date changes.
What happens if a deposited check is returned unpaid?
If a deposited check is returned unpaid by the bank upon which it is drawn, the amount of the check plus our Deposited Item Returned Unpaid fee will be deducted from your account. Please refer to the Account Fee and Information Schedule as applicable for current fees.
What are Wells Fargo's responsibilities to me regarding a deposit hold?
Wells Fargo is responsible for giving you prompt notice when there is a delay in the availability of your deposited funds. Additionally, if you did not receive a notice of the deposit hold at the time you made the deposit and the check you deposited is paid, we will refund any fees that were charged due to the deposit hold. To obtain a refund of such fees, call the appropriate number below:
Consumer Accounts 1-800-869-3557
Business Accounts 1-800-225-5935
What are my responsibilities to Wells Fargo when there’s a deposit hold?
You may not use the delayed funds until they’re available. To avoid fees, please don’t attempt to withdraw or write checks against these funds.
When does a deposit begin accruing interest?
Cash deposits begin accruing interest the same business day a deposit is credited to your account. If you deposit an item such as a check, interest begins accruing on the business day we receive credit for the item.