What's mildly irritating you today?

lumberjim · 08-11-2014, 01:49 PM

The hold they put on deposited funds gives the bank that many days of float. The interest they earn is daily. Multiply your check by 400,000 other checks being held and it pays them to have that policy.

Law says you must have the funds available in your account in order to write the check. They can verify it instantly. They actually have the money the same day, as they scan your check and submit it to the source bank that day. EFT occurs overnight.

Join a credit union

08-11-2014, 01:49 PM	#11
lumberjim I can hear my ears Join Date: Oct 2003 Posts: 25,571	The hold they put on deposited funds gives the bank that many days of float. The interest they earn is daily. Multiply your check by 400,000 other checks being held and it pays them to have that policy. Law says you must have the funds available in your account in order to write the check. They can verify it instantly. They actually have the money the same day, as they scan your check and submit it to the source bank that day. EFT occurs overnight. Join a credit union __________________ This body holding me reminds me of my own mortality Embrace this moment, remember We are eternal, all this pain is an illusion ~MJKeenan

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