# Direct Deposit **URL:** \ **Category:** Factual Questions\ **Created:** [September 14, 2001, 3:33pm UTC](https://boards.straightdope.com/t/direct-deposit/81610 "2001-09-14T15:33:51Z")\ **Posts on this page:** 2\ **Page:** 2
**Author:** ![barker](https://avatars.discourse-cdn.com/v4/letter/b/919ad9/32.png) [@barker](https://boards.straightdope.com/u/barker)\ **Post date:** [September 17, 2001, 7:16pm UTC](https://boards.straightdope.com/t/direct-deposit/81610/21 "2001-09-17T19:16:17Z")
> [@](#): > > \*Originally posted by The Great Gazoo \* > \*\* The bank gets the deposit, but doesn’t credit it to your account for several days. Some banks actually credited your account the next day for a payroll deposit before the law was written, but some waited up to 5 days or even more. Now that the law is in place, they all seem to wait 3 days, even the ones that used to credit your account the next day. The money is in the bank’s account. My piddly little check means nothing, but 1,000,000 piddly checks = enough money to make it worthwhile. > > On direct deposit, it has never been more than one day, but it has been 1 day different more than once. Not a big deal in most cases, but the first time, it caused some grief. > > I don’t think you can say the bank’s wouldn’t or couldn’t do this, because the law was written to stop them. \*\* The Bank credits deposits to your account on the day they receive the deposit. There is no seperate holding account for uncollected funds. Funds become available for your use based on the funds availability schedule in effect at your bank. This schedule cannot exceed the limits that are established in Regulation CC. Interest on those funds begins to accrue on those funds the day that the depository bank receives credit from the issuing bank. The depository bank may rely on the Federal Reserve Bank in it’s district to establish average time frames on which credit is received. There is no such thing as a “3 day law”. Banks do not provide immediate availability for checks, or begin to pay interest immediatly on checks because those funds are not available to the depository bank. ---
**Author:** ![Doctor\_Jackson](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/doctor_jackson/32/32_2.png) [@Doctor\_Jackson](https://boards.straightdope.com/u/Doctor_Jackson)\ **Post date:** [September 17, 2001, 9:02pm UTC](https://boards.straightdope.com/t/direct-deposit/81610/22 "2001-09-17T21:02:29Z")
Great Gazoo - This thread is about Direct Deposit. If you have questions about Reg. CC or bank holds on funds open a new thread. This discussion will only serve to confuse the OP. [Previous page](https://boards.straightdope.com/t/direct-deposit/81610.md?page=1)