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

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Subject: Re: [Leica] Re: Ebay-fraud?
From: Jerry Lehrer <>
Date: Wed, 15 Oct 2003 20:15:07 -0700
References: <>

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

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".


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
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In reply to: Message from "Frank Filippone" <> (RE: [Leica] Re: Ebay-fraud?)