If I write a check to someone (in this case, from an LLC), on a local bank, and it goes to someone who is within 10-25 miles of me, and they take that to their bank (also local and not my bank), is there an upward limit on how long that check can take to clear on my account?
Is there an upward limit or maximum amount of time this will take from the date the recipient deposits or cashes my check until it shows on my account?
Are there limits on how quickly his bank has to process it? Or limits on how quickly my bank has to post the information to my account once they receive it?
My experience tells me that once a check is deposited or cashed that it shows up within 2 (or possibly 3 at the outside) business days, but I'm wondering if there is anything, like a law or procedures banks use, that limits the total time it can take from when it's presented to the recipient's bank until it posts on my account.
Addendum: I found a consumer service number for the Fed and called them. They didn't give an upper limit, but they told me it should be 2 days. I tried to get more insight into the process and if there's reasons it might take longer, but they were unable to give me more information, so I still don't know if this is an upper limit.
Note: I've edited this. In my experience, I've found that many times when I ask a direct question, thinking no background is needed, people say, "Why do you ask?" and when I include background, often someone says, "Well, this is the answer to what you asked, but it seems like this information will help you more." My thought was that a little extra background may help, but in this case, it seems to have diverted attention from the primary question, so I've revise the question to include only the main question.