Archived posting to the Leica Users Group, 2003/10/15
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]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 $$$ will go out of your account within another day... so a week wait, with a check of your balance, should be sufficient...... 2 weeks is a little unrealistic, and overly conservative... BTW, bankers get really pissy about this issue..... it amazes me that you can remove as much money as you want from your brokerage account, and transfer it or receive $$$ 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 red735i@earthlink.net - -- To unsubscribe, see http://mejac.palo-alto.ca.us/leica-users/unsub.html