Comment Re:Bank of America (Score 1) 32
That was the case three decades ago, but today when you give them the check and the teller runs it through their scanner they have the money within minutes if not seconds. The only reason to hold a check now is to take advantage of the float time.
You are confusing "the bank crediting your account" and your bank "getting the money from the bank the check is drawn on".
Banks do this for small amounts. ACH is still a batch process that can take a few days.
Here is guidance from the Federal Reserve regarding the CFPB regulation CC. In the OP's new account case, they can hold for 9 days There are additional concerns.
https://www.federalreserve.gov...
"Deposits into accounts of new customers (open for less than 30 days)--Next-day availability applies only to cash, electronic payments, and the first $5,525 of any other next-day items; the remaining amount from next-day items must be available by the ninth business day. You may choose any availability schedule for deposits of other checks into the accounts of these new customers."