Yes, but only briefly in most cases. Under U.S. federal funds-availability rules (Regulation CC), a cashier’s, certified, or government check deposited in person or at your own bank’s ATM generally must be available by the next business day, according to the Consumer Financial Protection Bureau.
A bank may hold the funds longer in specific situations: the account is less than 30 days old, it has been repeatedly overdrawn, the deposit was made at another institution’s ATM, the bank has reason to believe the check is uncollectible or fraudulent, or the deposit is larger than $5,525. For amounts above $5,525, the excess is generally available within seven business days. Mobile deposits may follow the bank’s own schedule.
Source: Consumer Financial Protection Bureau, “How long can a bank or credit union hold funds I deposited?”
Image: cashier’s check from the National Bank of Commerce in St. Louis, 1907, public domain, via Wikimedia Commons.
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