I see a lot of hate for bankers that have to follow regulations and can go to jail if they don't. They're just trying to cover their ass.
Kinda starting to smell a little socialist-y in here. Banks are businessess. In business to make money. Just because the majority of bankers are merely born sociopaths without the stones to become serial killers, doesn't make them all bad. Besides, look at the alternative. Government controlled banking. That's much worse than the bank controlled government we currently have. 
I used to show up at the bank and asked them if I could see my money, touch it, feel it, count it. The teller grabbed a handful of pennies and spread them out on the counter in front of me and just grinned......
IBC tried to do that with me one time I deposited a Cashiers Check for 6 grand, gave me the excuse to make sure that the money cleared... I told 'em... "it's a Cashiers Check"... they fixed the problem on the spot
Any bank that holds a check for 11 business days "because they can" is screwing you.
The Check Clearing for the 21st Century Act (Check 21) has been in effect since 2004, and checks should clear within 72 hours at the most because everything is done almost exclusively with electronic images. Checks are no longer transported as a physical item.
The Check Clearing for the 21st Century Act (Check 21) has been in effect since 2004, and checks should clear within 72 hours at the most because everything is done almost exclusively with electronic images. Checks are no longer transported as a physical item.
I love reading all these posts by "banking experts" that really have no idea how the process actually works. I suggest doing a little research and try to come across somewhat informed. This is not directed to everyone, but there is a lot of misinformation in this thread.
I'm sure you'll be along to correct it.
It's always a lot easier making withdrawals at bank where nobody knows you.
Just wear your ski mask, show 'em your water gun and you go to the front of the line.
Of course, they'll take pictures of the top of your head that look like crap. They'll even show it on TV.
Tell all your friends on FBook, then get a really good photo taken by the guys with real guns.
Soon you meet a guy named, Bubba and you won't worry about a little 5 day hold on a check.
Bubba will hold you for a lot longer than that!
Just wear your ski mask, show 'em your water gun and you go to the front of the line.
Of course, they'll take pictures of the top of your head that look like crap. They'll even show it on TV.
Tell all your friends on FBook, then get a really good photo taken by the guys with real guns.
Soon you meet a guy named, Bubba and you won't worry about a little 5 day hold on a check.
Bubba will hold you for a lot longer than that!
Like mentioned before they do these long holds for one reason. They are making the interest on it and not you. Fraud is a genuine concern these days too though. Hell, my CU even calls for a postal money order! But they do it right then and there. More than a 3 day hold is just bull$hit. If they were truly concerned about it being NSF they could pick up the damn phone like they used to do.
Actually, when the bank holds your funds, they are required by law to pay you interest if you place the funds into an interest bearing account.
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