Archived posting to the Leica Users Group, 2003/10/15

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Subject: RE: [Leica] Re: Ebay-fraud?
From: "Frank Filippone" <>
Date: Wed, 15 Oct 2003 18:57:00 -0700

The Federal banking LAW states that it can take no more than 3 working days,
cross country, to clear a check.  For local ( Fed bank area local) the
timeframe is 24 hours.  The 10 day issue is called a float.  The bank gets
to use the money it now has of yours, to loan to another bank and collect
the interest while you sit there twiddling your thumbs.  It does not sound
like much on an individual basis, but think in terms of 1 million accounts
and it gets to be a large number, and really free profit for the banks.

Regardless of what your bank says, they may not be able to tell you that the
other check bounced... but the $$$ will go out of your account within
another day... so a week wait, with a check of your balance, should be
sufficient......  2 weeks is a little unrealistic, and  overly

BTW, bankers get really pissy about this issue..... it amazes me that you
can remove as much money as you want from your brokerage account, and
transfer it or receive $$$ overnight, but the traditional bank wants to keep
its dirty hands on your $$$ until its is good and ready to allow you to have
it......  A real reasons that banks will, within our life  times, be a
non-entity..... Customer service is lacking.

Frank Filippone

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Replies: Reply from Jerry Lehrer <> (Re: [Leica] Re: Ebay-fraud?)
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