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US bank has some wierd transaction posting times.

compuwiz1

Admin Emeritus Elite Member
Oct 9, 1999
27,042
847
126
Hehe. When I was younger, I used to write checks on thursday or friday, if I knew I would get paid on a monday. I guess things move faster now. I wrote a check at the grocery store on thursday, and I see it was deducted from my account sometime after 3 am today. :) Money was in there, but damn they are not allowing float time anymore. :laugh:
 

ebaycj

Diamond Member
Mar 9, 2002
5,419
0
0
float time = interest free loan = major hindrance to maximizing corporate profits.
 

EagleKeeper

Discussion Club Moderator<br>Elite Member
Staff member
Oct 30, 2000
42,599
5
0
1) store may use the bank

2) Store deposits $$ in their bank. Their bank sends an electronic check to your bank based on a scan of your check.
 

waggy

No Lifer
Dec 14, 2000
68,155
9
81
yeah no more floating checks. that kinda sucks.


The credit union we use is really bad when it comes to doing checks/deposits. we have direct deposit on Friday morning. but the credit union counts Friday-Sunday as one day. They do all the checks first then the deposits last. So even though the direct deposit is done on Friday morning (at 12:30am) it is the last thing to be done. I have had checks bounce because a check i write on Friday or even Saturday is done before my DD!

 

dullard

Elite Member
May 21, 2001
22,802
1,031
126
1) Floating checks is (and has been) illegal.
2) Read Aphex's link as to why getting away with floating checks is much more difficult now.
 

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