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Will the bank hold the cheque?[long]

My husband and 15 of his co-workers won 1 million dollars in the lottery in the beginning of August. They had to investigate it because the woman who actually purchased the ticket bought it from her sisters store [legal stuff.]
Anyways, it's all cleared and we are finally getting the damn cheque tomorrow. The cheque is being split up at a bank that we don't bank with. The first bank is going to hold the big cheque for 6 days, and then we get our 16th of it [in the form of a cheque from that bank].
So my question is, do you think that OUR bank will hold the cheque again? Even if it is technically from the first bank?

I doubt I will get any answers, but I thought I might get an answer from a bank teller or someone who knows something about this type of thing.

We are planning on talking to our branch manager tomorrow or on Friday but, obviously, I am just so anxious after waiting so long.
Thanks.

Answer Question
 
BambiF

Asked by BambiF at 10:05 PM on Oct. 20, 2010 in Money & Work

Level 12 (738 Credits)
Answers (5)
  • Yes they will hold the check until it clears the bank. Legally if it's anything more than $5000 they have to report it to the Government and that can make it take a little bit longer to go through.

    I'd give it 7 to 10 days to clear the bank.

    I'm sorry that you guys have to wait, but congrats on winning!
    Erica_Smerica

    Answer by Erica_Smerica at 11:32 PM on Oct. 20, 2010

  • 5 days is customary
    romanceparty4u

    Answer by romanceparty4u at 1:05 AM on Oct. 21, 2010

  • Yes, My hubby works for Wells Fargo and they will hold the check its, not usually longer than 5 days and most institutions will release say 500-1,000.00 up front of it.
    Happymom2-2

    Answer by Happymom2-2 at 10:23 AM on Oct. 21, 2010

  • My bank can put a hold on a check over 1k for 2 or more days depending on the amount, but never more than 10 days. Even though the check is from another bank they will still hold it for fear of forgery (sp). Sucks but atleast your getting a wonderful chunk of money!!! Congrats to you guys!
    sweetstkissez22

    Answer by sweetstkissez22 at 1:28 PM on Oct. 21, 2010

  • In the US, a bank can hold a large item for 7 business days. Your bank and only your bank can tell you if they will hold it, how much, and for how long. However the check cannot be held if it is put into the bank it is drawn off of.
    bjane01

    Answer by bjane01 at 6:48 PM on Oct. 21, 2010

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