In the banking industry, there are certain days we have as the working days which full financial services are offered to customers.
Again there are some certain number of days which are known as bank holidays and during this period banks and some other financial institutions don’t operate.
In this article we’ll be looking at weekends especially on saturday if banks operate and offer full services to their customers.
This leads us to the question of the day and which is;
Can a check clear on a Saturday?
The simple answer is yes. A check can clear on Saturday but only if the check was deposited on Friday before the bank cut-off time.
Kindly note that as long as you deposited a check on friday which is a working day, the check will be cleared the following day which is saturday depending on the amount you deposit in the bank.
Sometimes if you made a large sum of deposit on a Friday before the bank cutoff time, a certain amount of money will be deposited into your account on Saturday morning or afternoon. Immediately it gets to Monday evening the complete money will be deposited into your account but only if the Monday is a working day.
If Monday happens to be a federal holiday then be rest assured that you will receive the full deposit on Tuesday.
So as long as you deposited the check on friday before the bank cutoff time, the check will be cleared on Saturday.
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Making a deposit after the bank cutoff time
Now you happens to make a deposit after the bank cutoff time on a Friday, be rest assured that the check won’t be processed and this means the check won’t be cleared on Saturday.
In this type of situation, the check will be processed and cleared in the next business day which will be on Monday and you may receive the deposit on that very Monday evening or Tuesday.
Depositing a check on friday after the bank cutoff time, the bank will see it that you deposited the check on Saturday as they are closed for the day and for the week. Because of this the transaction will be on pending until Monday for the bank to start processing the transaction and posting the check to the stated bank account.
Remember, if bank holiday or a federal holiday happens to fall on that very Monday, the transaction will be moved to the next day which will be on Tuesday except if Tuesday is also a federal and bank holiday.
Making a check deposit on Saturday
Let’s say you deposited the check on Saturday morning or afternoon using the atm or the mobile deposit, please don’t expect the check to clear that very Saturday as Saturday is not a business day for banks and the ACH.
In this type of situation, the transaction you made will be put to hold as it will be a pending transaction. Once it gets to the next business day the bank will start processing the check especially and which the check will be cleared on Tuesday morning or late on Monday night.
Going back to the question of the day and which is can a check clear on a Saturday, kindly note that check will be cleared on Saturday only if it was deposited on Friday before the bank cutoff time.
How checks are cleared
First it is commendable to understand what check clearing means.
You can say that check clearing is the process by which banks confirm and ascertain thar the amount written on a check is sufficient to the amount on the stated bank account.
Now let me explain with an example how checks are cleared.
For example, someone ask you to clear it’s field and which you agreed to do so the company decided to write you a check for $50. That same day you decide to take the check and deposit it in your bank account.
Now keep in mind you just literally handed your bank a piece of paper that states that it’s worth $50, your bank actually has no way of knowing this at the moment so it will need to verify with your payees bank.
The way your bank does it is by sending your check and usually in an electronic format to the Federal Reserve bank who then forward the same check to your payees bank.
Also note that there are two quick side note to mention here, the Federal Reserve bank is the Central Bank of the United States of America which is also commonly referred to as the FED.
Secondly, financial institutions to utilize the fact because they receive checks from many different banks so it’s a lot easier to send all checks to Central location as opposed to sending checks to individual banks.
Once your bank received the check they will verify against your payees accounts to make sure there are enough funds to cover the transaction.
If so they will deduct your payees account which will complete this transaction but if on the other hand there are insufficient funds your payees account, the bank will communicate that to your bank be at the fed would result in your bank and giving you access the response. As you can see this example there’s several steps involved in order to clear a cheque but can take anywhere from a couple of days to even as long as five business days.
Now you might be asking, I’ve deposited checks into my account before and I’ve been able to use it how come you’re telling me that it takes longer than that all that’s because check clearing is that the same thing as funds availability.
Most banks utilise a practice called the next availability which means that they give you access to your deposit the next business day.
Now I would think about this knowing that it takes longer to know if the deposit check is valid. In order to stay competitive, banks have started releasing funds to customers sooner by basically trusting that the check you deposited will be good.
It’s important to know the banks trust is without a cost and if you’ve ever been given a bad check you know the banks frown upon this and will charge fees if you’ve spent the money.
You also know that you have to pay it back even worse if this is a repeated practice for you the bank’s may even suspend services such as remote deposit capture overdraft protection and external transfers sometimes go even as far as closing your account.
So it’s extremely important that you have faith in the people giving your checks before you choose to spend the money part of the check clearing otherwise the best rule to follow if you have any reason to believe that the check is deposited and very sufficient funds in the bank account, it is best to wait the full 5 business days.
Do bank deposits go through on Saturdays?
Deposits made on Saturdays don’t go through simply because they won’t be processed until the next business day.
If you happen to make a deposit of any kind even right inside the bank, be rest assured the deposit won’t go through until the bank next business day.
Some banks usually open on Saturdays and whicg they accept deposit of any kind, but the fact is that the transaction will be on pending until the next business day which is when bank will process the transaction and further have the deposit posted to the stated bank account.
So any deposit you made in your bank account on a Saturday will be pending until Monday.
However, if Monday happens to fall on a bank holiday or federal holiday, then the next business day will be on Tuesday and that is when your transaction will be processed.
How long does it take for a Cheque to clear on a Saturday?
It will take a check a maximum of five business days for it clear if deposited on Saturday.
Sometimes the bank will post a certain amount of money into the stated bank account until they are done with the check clearing before they will post the rest amount of the money into the stated bank account.
For example, you deposited $1000 into your bank account on a Friday before the bank cutoff time. The transaction will be processed and the bank may tends to post $250 into your bank account on saturday.
Later during the business days after the done has fully processed the transaction, they will now post $750 into your bank account to complete the transaction.
In some cases where a bank customer deposited a check of $250 into it’s bank account through check, the whole amount of money will posted to the person’s bank account though some banks might divide the money into two and post $126 into the person’s bank account until they are fully done with the transaction.
How do I know a check has cleared?
Once you received the full amount deposited into your account then you should know that the check you deposited has been cleared by the bank.
Usually check clearing takes between one to five business days though mostly it takes a maximum of three business days as banks and other non bank financial institutions try as much as possible to satisfy their customers.
Many a time depending on your bank and the amount deposited, the check will be cleared the next business day and which you will receive the amount in your bank account.
Do ACH transfers happen on weekends?
ACH transfers don’t happen on weekends but rather it does happen on business days.
As ACH don’t work on weekends, don’t expect ACH transfers to go through on weekends as it will be on pending until the next business or probably three working days.
Are ACH funds available immediately?
Mostly ACH funds are not available immediately but rather within three business days after the necessary processing of the transaction has been completed.
For example, you made a direct deposit on a Friday, don’t expect the fund to be available as their are necessary process required before the transaction will be posted to the stated bank account.
From my observation it usually takes one to three business days for ACH fund to be made available on the stated bank account.
Can checks be cleared on weekends?
Checks can be cleared on Saturday only if the check was deposited into the bank on Friday before the bank cutoff time.
If the check was deposited after the bank cutoff time on Friday or on Saturday, the check won’t be cleared until the next business day.
Can a check clear on a Saturday? The answer is yes. A check can clear on Saturday but only if the check was deposited on Friday before the bank cut-off time.