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Bank clearing question?
Recently I purchased an item from a company online, and it told me that it needs 6 business days to clear. Now I looked into my bank account and they already took out the money, so what does it mean by "clearing"?
So am I safe? It told me the exact date it would clear, or is that just for safety reinsurance also?
Thanks for your input.
1 Answer
- cainvest1Lv 71 decade agoFavorite Answer
The company that told you it takes 6 business days to clear knows that isn't the case. It usually takes fewer than 1 to 2 days to clear most checks as most are now cleared electronically.
The extra days of quoted 'clearing time' given by the company give a sense of safety that the item won't be returned NSF as these also usually return in 2 to 3 days.
