Can I deposit a check and have it for use within the same day?

My bank (wachovia) says that if you deposit a check it takes a few days to be in your account. But if you deposit cash, it's available the same day.

My question is: What if I cash a check, get the money then come back an hour later and deposit the cash. Would that even work???

Sorry the only way it works is if you have enough money in your account to begin with to cover the amount of the money you want to withdraw from your account. But then again every bank has a little different policy.

By the way with the way Wachovia is setting at the moment why are you still with them. I would rull for the hills.

that will not work...............the bank operates on rules that are quite obscure and largely depends on the type of check you are depositing. they tell you that all transactions are electronic, therefore instantaneous, but don't you believe it. typical transactions take a day or two and insurance and other checks can take 5 days.

Most banks do not post the deposits until the end of the day.Some post at 2 or 3:00 Your deposit even cash is not available until it is posted on the bank's books.

If you can cash the check then take cash to the bank it should work. If it is cash it should credit to your account the same day depending on whether you use the ATM or go into the bank during business hours. Best bet is to take the cash into the bank and ask the teller and save your deposit receipt.

Don't even wait an hour. I go to the drive thru and send the check and a deposit slip. I make sure I tell them I want them to cash it and deposit the cash so that its available. They may say that you can't do that and that is when you tell them to cash the check. Pull out and then right back up to the same teller with your deposit slip and cash.

It's ridiculous that they would make you do that so most of them will let you do it in one transaction. You can also go in, cash the check and then hand the cash and deposit slip right back.

short order...NO! Most banks take your money moments after you purchase something, but they take their good old time giving you credit. Exceptions you'll have to check out with your bank is some will give you a few hundred dollar credit that day. Check your banks website and you should be able to find information.

You have to take it to the bank it was drafted from... it would only be available the same day if the check account you received is Wachovia.

you can ask the teller to cash the check and then deposit and it will be effective inmediatley.
hwoever if the check bounces then obvisouly you are dealing with another issue.
sometimes if the check that you deposit will be available for inmdiate issue if its form that same bank.
the bank i use is bank of america, and they guarantee that if my check is deposited before 3 oclock it iwll post, and then my funds will be available then, but there are times i have deposited a check after 3 (meaning it wont be avialable till the next day) yet gives me partial of the money for inmediate spending.

again if the check bounces then you are going to deal with alot of fees but if you can trust the source then go for it. cash it and then deposit. they wont cash it though if you dont have enough in your bank to cover if the check bounces

As far as cashing the check and then depositing it - generally if your bank lets you cash the check then deposit the cash, that's a pretty good sign that you have a good history with them (because they're willing to take the risk of cashing that check for you even if itâ€™s badâ€¦ they trust you to fix it). However, they wonâ€™t cash it for you if their computer determines you are not worth the risk. But when you deposit a check, it's not automatically assumed you need that check available immediately, so they can apply the funds availability rules (aka hold times) to allow them to get more info on the check so they can determine their risk. Lots more explanation on this below:

Most tellers don't really understand how funds availability works, so they can't explain it very well. But it's actually not all that complicated. It all comes down to the bank managing risk.

Whether or not a check you deposit is instantly 'available' depends on four basic things:
1) how automated your bank is
2) the financial institution upon which that check is drawn and if that bank shares information with your bank
3) the payer's history (the account the check is drawn on)
4) your history with your bank

Here's how each of the above apply more directly to your question:
1) If you bank with a more technically savvy and interstate bank, they're more likely to have the automation or computers necessary to talk to other banks instantly (which means their computers can verify if that check is good and therefore the risk of giving you that money instantly is pretty low). However, if they don't have that kind of automation then they can't verify the check you're depositing (so it's a higher risk for them to make the funds available immediately).
2) If the check you're depositing is drawn on a bank that doesn't share information or isn't automated enough to share information instantly, then it doesn't matter how good your banks technology is - they still can't verify funds on the check you're depositing. Again, the more info your bank can get, the lower the risk.
3) Some banks keep track of the checks being deposited and whether or not those checks are generally "good" or "bad". If the person who wrote you the check has a history (in your bank's computers) of giving people "bad" checks, then you're bank is going to assume this is probably a "bad" check. In that case, it would be a really big risk for them to give you those funds immediately.
4) The MOST important thing is the history you have with your bank. By history, I mean things like: Do you bounce many checks or has it been at least a year since you did? Do you carry a low balance (e.g. you deposit your check and have a decent balance, but then you pay bills and all you're money is gone)? And have you previously deposited any checks that ended up being returned and, if they were returned, did it overdraw your account (meaning you spent the money before you confirmed it was a "good" check) or did you have enough in your account to cover that bad check without overdrawing? Ultimately, if you have a great history with your bank, they are most likely willing to take more of a risk with you. So while they may not be willing to give you the entire $4000 deposit available immediately, maybe their computer calculates you're worth a $1000 risk (meaning they're willing to give you $1000 available immediately).

There are also some banking laws about how long a bank can 'hold' a check... it has to do with how long it should take to get information back and forth between the two banks. But don't trust the address on the check you're depositing because it may not actually be the same state as where that person's account is "housed". If they opened the account in Iowa for example and then moved to Oregon, they would probably have an account "housed" in Iowa, but have an Oregon address is printed on the check. You can usually tell by the first few digits of the "routing" number at the bottom of the check. (link below, if you want more info on this topic).

It's important to note that banks don't like to "hold" the checks you deposit. It is actually to their advantage to make those funds available because they can then count that money as officially being "in their system" (it's actually called "on demand", which you and I call "available balance"). But if your deposit is on hold , they cannot count it as â€œon demandâ€ and that effects their total deposits and that, in turn, effects their credit score (yes, banks have a credit scores, too).

No next day if you depoisted it before noon

If you cash the check you'd be depositing cash, so yes.

Just use the ATM. At most banks that gives you instant credit regardless of whether it's cash or check and as long as it's not a huge amount you shouldn't have anything to worry about.

no you cant....you have to wait for a day.

i think it takes like a day

http://answers.yahoo.com/question/index?qid=20081030195711AAHgRYH

most banks wont cash a check right then unless its from within their bank. so more than likely, no.

Technically yes it will work, if you're able to cash the check immediately. Since you have the currency on hand, there would need to be no waiting period and you could have the money show up directly in your account at that moment.

I personally would do this with Wachovia too because I would use the money over the weekend, payday was Friday, and if you don't have your check in by 2pm on Fridays, it would not clear until first thing Monday morning.

they wouldn't CASh the cheque for you, obviously.You have a hold on your account for some reason.

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