Why Don't Checks Clear Instantly?

When you deposit a check, it may be a few days or weeks before you can use the money.  In the electronic age, that seems slow.

Checks are a method of payment from times past, but they're still important.  Sometimes a check is the only way you're allowed to pay or get paid.

Marketplace Money explains why it takes checks so long to clear.  Most checks are not a sure thing -- the bank doesn't know if they'll ever get money from the person who wrote the check.  Things get sticky if they let you spend all the money and then find out there never really was any money in the first place.

Further reading:

• Check Clearing Basics