Example: Drawer writes a $5,500 check, drawn on Bank A, to Payee. Payee has an account at Bank B but not Bank A. If Payee simply endorses the check and deposits it into Payee's account at Bank B, the deposit may be held for several days. Can Payee avoid having his funds held by simply presenting the endorsed check to Bank A, immediately obtaining the cash, and then depositing the cash into Payee's account at Bank B (assuming Payee is willing to carry around that much cash)?
If you take a check to the bank that it is drawn on, they can immediately verify the customers signature and see if there are funds available in their customers account. They could then cash it for you if the money is there and you could deposit it at your bank (anytime cash is deposited, it is available immediately. If you take it to your bank to deposit, there is a chance that they will place a hold. Hope that helps!
Ok you will really didn't have to type all of that but if the person that writes you a check give you cash then no you don't have to wait the period. The only reason they make you wait that time is to make sure the check goes through.