My big problem with banks is the vaguery of check clearing. I’ll deposit a check with the teller and ask how many days it will take to clear. “Somewhere between 3 to 7 business days.” Wonderful, that really narrows it down. But hey, I can always check on-line, right? Wrong! The check is added to my balance the next day, despite the fact that it hasn’t cleared and that money isn’t in my account. This in no way helps the customer stay informed about the reality of their account.
I agree with this issue- that’s something that varies from bank to bank, so you can at least shop around to see who is the best about it. My credit union never holds for more then 1 business day, even if it’s a third party check from Uganda or some crazy stuff like that. More often then not, I try and keep a balance in my account so I can just outright cash the check (then deposit the cash if needed) or use Pay-Pal or money orders when I can. I hate regular checks and the pain of dealing with them.