US bank has some wierd transaction posting times.

[compuwiz1]

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]

float time = interest free loan = major hindrance to maximizing corporate profits.

 

[aphex]

Welcome to 2004

https://www.federalreserve.gov/paymentsystems/truncation/faqs.htm

 

[EagleKeeper]

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]

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]

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.