When I write a cheque to someone, there will be a hold on that money in their account right? But will my money be withdrawn from my chequing account while the money is on hold on the other person’s account? EDIT: I guess what I am more interested in is if the money actually leaves my account on the day that the cheque is deposited. I am not worried about the other person’s account. There is no issue of NSF. Basically, if I wrote a cheque, and it is deposited that day, would the money be withdrawn from my account right away? or would it take perhaps 5 days until it is actually taken from my account?
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