Archived posting to the Leica Users Group, 2003/10/15
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]Look Frank, if my bank says to wait 10 working days, WTF should I take a chance? Its a THIRD PARTY CHECK, from a guy from, who knows where? I can just see myself quoting banking laws to the bank teller; he will laugh his ass off. Ya gotta understand, it is their policy, period. I don't give a FRA about their "float". Jerry Frank Filippone wrote: > 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 - -- To unsubscribe, see http://mejac.palo-alto.ca.us/leica-users/unsub.html