LIKE MANY SMALL BUSINESSES, you work hard to get customers, work hard to satisfy them with a quality product, then it's time for them to pay. This sometimes takes a while and when they finally send a check - boom! Your bank wants to hold the funds for several days until the money clears. There is a lot of talk and discussion on the immediacy of electronic transfers and while it's true the transfer happen fast, it's the notification of the transfer that's comes immediately to the recipient bank. It may take several days for the funds to clear through the Federal Reserve system. Bottom line, your bank isn't messing with you but they could, if you've been a good customer, give you a pass and let the funds be available to you.
When they won't or don't, there are alternatives. I spoke with Kam Patel at Shop 'N Go, a convenience store in Bedford Heights, OH. He cashed checks at his store, nearly any type of check. He says he will and has cashed business checks up to as high as $175,000. It's pretty simple he says, just come in the store and leave with cash. If the amount is sizable, it's best to call in the morning so he has time to round up all your cash.
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