Yes they will put a hold on that check!
Your all ready to close and move in to your new home and everything is in place. Hold the phone! You had the checks from the company holding your portfolio sent to you and you are going to deposit today so they can wire funds tomorrow. Well that is great.
When told banks will hold those checks until they clear and that can take from 5 to 7 days they are serious.
Do they care you have been a customer at their institution since 1928? No!
Do they care that your brother works for them? No!
Do they care that you are suppose to close on your home in 2 days and title needs the funds? No!
The point being they will put a hold on the check and you won't be closing on time. When you are depositing a check from one institution to another no matter how big or small the company, your bank will put a hold on the check until funds are cleared.
So make sure to get the check to your bank in time for it to clear so you can close on time.