This would depend on the state banking regulations. If every other bank of this type, is holding the deposits seven days, then it is probably legal. If not, then switch banks. I'm assuming you are in the US. If not, ignore this answer. If the bank is doing this, it's legal, but unusual unless all the deposits are checks from banks in other Federal Reserve Districts. Otherwise the FDIC and state banking inspectors would be on the owners like stink on a skunk! With all the recent electronic advances in check processing, the bank has their credit with the Federal Reserve that night for any check drawn on any US bank and SHOULD know if it was returned within 48 hours at the most. Check with another bank and see if they have the same policy. If not, move your account.
Yes, as long as you are cashing the check on behalf of the business (as a legal representative of the business) or if you are depositing the check into the account held by the business you can legally cash the check. No - of you are not a representative of the business or if you are trying to deposit it into an account that doesn't belong to the business.
The basic requirements for opening a fixed deposit account are: a. Amount to deposit b. Existing relation with bank (You need to hold some sort of account with the bank. Else, you will be asked to open one) c. Source/Proof of legal income If you have these, any bank will be willing to open an fixed deposit account for you.
If the bank account is in your name (ie it is a joint account with your name on it) then you have the right to withdraw funds from it or to deposit funds into it. However if you feel that you should not be withdrawing money because it will upset the other person who jointly owns the account then perhaps you should discuss this with them before you make the withdrawal - there is more to life than the simple legal niceties.
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