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Posted By: Elliot

Based on Canadian experience, where we have had 24 hour clearing seemingly forever---A virtue of nationwide banks, what I believe will happen is that checks will clear within 24 or 48 hours, so you need to have the funds in your account, and your opportunity for "float" will disappear. However, the bank will still have a predetermined amount of time (perhaps 7 days) to reject the cheque which will then cause the bank where you deposited the cheque to take the money out of your account (if the receiving bank rejected it). Your notification of this event could then come by snail mail, which would conceivably take another few days. My advice would be to continue to wait before sending out items if you have a concern about the validity of the cheque that you are depositing.