Thursday, December 15, 2011

Is there a time limit on withdrawing money after I deposit it?

Since I'm not yet 18, I can only deposit my checks into savings. I was wondering if I could withdraw money right after I deposit it?|||Regardless of your age, there is usually a few days between deposit and availability of funds. This gives the bank time to check for fraud and do something about it.|||You do not have to be 18 to have a checking account with a ATM card. It is called a student or junior checking account.. they will give you your own book of checks and your own ATM card. My first checking account was when I was 13 years old.. I had a junior account.





Their is no time limit in a savings account.. all you do is tell the cashier you want to deposit a certain amount and get cash on the rest.. For example.. if you get paid $100 but you want $50 back in cash you tell the cashier.. 'Deposit $50 of my check into savings and give back $50 in cash please'





On savings their are usually only a certain number of times you can withdraw money in a month.. that's why its a savings account.. intended to save your money. You can Always cash your whole check and not deposit any of it .. just cash it and get all of the money back.





EDIT: Sam the poster above me is actually wrong. As long as your check is under $1000 you can cash your money immediately.. anything $1000 or over they MAY place a few days hold on it and they will tell you they have to place a hold and when the funds are available to you.. to make sure the check is legitimate.|||No, a check takes 5 days to clear, no matter how old you are.

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