Banks

[bobmed]

Why can I stop on the way to the bank and buy something with a check and get home and the money is out of my account.
At the bank I deposit a check and it will be seven days for the money to be available even though the check is from another bank.
I guess they're computer system only works in one direction

 

[mbryson]

Why can I stop on the way to the bank and buy something with a check and get home and the money is out of my account.
At the bank I deposit a check and it will be seven days for the money to be available even though the check is from another bank.
I guess they're computer system only works in one direction

To there advantage. They make money on the overnight interest.

 

[Cody]

because checks are taken electronically from your account now--the same way as debit cards. I'm sure some banks can verify funds electronically and not make you wait the 7 days. I know that I haven't had to wait for a check to clear that I have deposited for years.

The real question is, Why the Fdklkddskl are you still writing checks? It blows my mind that people still do that. when I was still working retail, I used to want to closed-fist-punch people that would get out a freaking check book. Of course 75% of time it was either declined because it was some clown trying to pass a fake check, or declined for some dumb reason like their address had changed since 1974 when checks were still practical. Obviously they get their new fangled debit card out and it goes through fine, in half the time, and with greater fraud protection than a freakin check.

 

[Fuller]

because checks are taken electronically from your account now--the same way as debit cards. I'm sure some banks can verify funds electronically and not make you wait the 7 days. I know that I haven't had to wait for a check to clear that I have deposited for years.

The real question is, Why the Fdklkddskl are you still writing checks? It blows my mind that people still do that. when I was still working retail, I used to want to closed-fist-punch people that would get out a freaking check book. Of course 75% of time it was either declined because it was some clown trying to pass a fake check, or declined for some dumb reason like their address had changed since 1974 when checks were still practical. Obviously they get their new fangled debit card out and it goes through fine, in half the time, and with greater fraud protection than a freakin check.

couldnt have said it better my self

 

[cruiseroutfit]

Hey I resent that... I write checks.... for business stuff only. Many places I deal with don't take debit cards (costs them money) on wholesale accounts. So I send them a check once a month. If I could get everything to be debit card, I would switch 100%, but in the meantime I just write checks, makes it easier for me to account for.

As for the banks... truthfully I don't think they can verify funds faster than a couple or more days. I know I've had bad checks written to me... it took up to a couple weeks for them to come back to my account. That being said, my bank (Zions) will deposit the check that night, so its shown as available funds the next night. BUT, if your check is for more than the remainder of your balance, the might not?

 

[bobmed]

It was my debit card but I consider that the same as a check.
Overnight would be great for the check to clear. but they're collecting interest for 7 days. I've had the account for ten years and paychecks are available the same day and most others the next.

 

[Rusted]

It is part of Check 21

http://en.wikipedia.org/wiki/Check_21_Act

Then can now scan your check and make it "digital" and transfer the funds just like a credit card transfer so it is immediate.

Not sure why they can't get money to me fast. Must not have the technology for that yet. :-\

 

[bobmed]

I just want my money so I can get parts and let them sit all winter

 

[Cody]

I just deposited a $4000 personal check and it hit my account right away.

I guess if the funds aren't there it might go away though. I'm not doing anything with the money for a couple days just cause I'm not 100% sure that they verified the funds electronically.

 

[Cody]

I just want my money so I can get parts and let them sit all winter

haha. A man of my cloth.

 

[Meat_]

It was my debit card but I consider that the same as a check.
Overnight would be great for the check to clear. but they're collecting interest for 7 days. I've had the account for ten years and paychecks are available the same day and most others the next.

Sounds like you're with Zions


On a BIG check most banks make you wait.

 

[Meat_]

I just deposited a $4000 personal check and it hit my account right away...

I generally go to the bank it's drafted on and get cash. They typically charge you for this, but I just make whoever is giving me the check put an extra few dollars on to cover the inconvenience of them having assholes for bankers.

 

[phatfoto]

I hate banks... that is all

 

[Cody]

ya, that was question #2. WTF are you doing at a bank.

I couldn't got to this fellows bank since it was drawn on a bank in loot-easy-anna

 

[bobmed]

I'm actually at a credit union.
Mountain America and the check is from T. Rowe Price with the nearest office in Denver.

I'm pretty generic on this. Anything that takes money out of my account to pay is a check and anywhere I deposit money is a bank

 

[Crinco]

As a business owner, the only way I have to pay many of my bills is by check, I write out about a hundred or so of them still every month. Direct deposit is still too pricey and many of my employees don't want it. The banks nickel and dime you to death, and collect intrest on money that you deposit but can't spend yet. Changing that could cost them millions of dollars each year, so why would they?
I have seen an increase in the speed that money moves around over ten years ago though. When we start seeing Cell phones that can transfer money on credit cards or cards in general, then we should start to see a decline in cash and more and more of a world that is completely based on credit (or numbers, but not coins). Cash is so "old fashoned",

 

[mbryson]

As a business owner, the only way I have to pay many of my bills is by check, I write out about a hundred or so of them still every month. Direct deposit is still too pricey and many of my employees don't want it. The banks nickel and dime you to death, and collect intrest on money that you deposit but can't spend yet. Changing that could cost them millions of dollars each year, so why would they?
I have seen an increase in the speed that money moves around over ten years ago though. When we start seeing Cell phones that can transfer money on credit cards or cards in general, then we should start to see a decline in cash and more and more of a world that is completely based on credit (or numbers, but not coins). Cash is so "old fashoned",

I like cash, though.

 

[Meat_]

I like cash, though.

x2

 

[bobmed]

CASH RULES
I never take a check from anyone I don't know well

 

[Crinco]

And I don't take checks at work at all, they are just too big of a headache! I am quite found of cash as well, and I don't think we will ever be in a place where cash will be elminated all together, but plastic is playing a larger roll in our lives every day. I am not saying just Credit Cards, but Checking cards as well. Money we already have, much better than money we have to pay back. I can't wait for the day I am debt free, but I don't know if I will ever see it (I like new things too much, )
CR