Immediate Credit

Banking, especially in the U.S., can be a little slow. Yet there are the lucky few who get to experience the magic of immediate credit.

Immediate credit is when a check deposited at one of the Federal Reserve Bank branches results in funds that are immediately available to the check recipient (well, “immediate” as in: the same day the check was cashed). All “depository institutions” (basically banks...those that accept deposits) can deposit checks at the Fed.

Who's able to get immediate credit? Those with Federal Reserve Bank branches within the same city as them. For everyone else, they can expect their check to take two days when they deposit at the Fed.