The short answer is yes. A more in-depth answer follows. Federal Reserve Board Regulation CC, the Expedited Funds Availability Act, sets maximum time frames for the availability of certain bank deposits. Here is a partial listing of these rules:
• Items such as cash, financial institutions' cashier's checks, U.S. government checks, U.S. postal money orders, electronic payments, and state and municipal government checks are generally available the next business day* after day of deposit.
• Local checks (drawn on in-state financial institutions) are generally available within two business days after the day of deposit.
• Non-local checks (drawn on out-of-state financial institutions) are generally available within five business days after the day of deposit.
Exceptions to the above rules are deposits to new accounts, redeposited "bounced" checks, or when a financial institution has reason to believe a check may be returned. This could result in the availability being legally extended past the above standards.
Check with your financial institution since some institutions may allow you access to your funds sooner than the regulation requires.
* A business day is any weekday, Monday throughout Friday, excluding federal holidays.
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