Tuesday, November 4, 2008
Mysteries of banking
I checked my account last night before going to bed and found that the checks I wrote for the 5th wheel and the truck were deducted from my account. It will be interesting to see how long the money takes to get into Carolyn's account. Somehow, I don't trust the banks--it's all done electronically and shouldn't take more than a day to transfer. At least it's not my bank that is holding things up.
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You know, Marty, that I remember reading that a law was enacted in the last couple of years in Congress, that a digital copy of a check is declared to be as valid as the original document. The importance of the law is that if you scan a personal check in an ATM when it gets deposited, and it transfers from the depositing back to the bank it was written on electronically, it gets cashed immediately, and the funds disappear from your account right away. Theoretically, there should be fewer days in between writing a check and having the money withdrawn from your balance.
ReplyDeleteI thought I remembered a law being passed also. When I look at my account online and pull up a copy of the check (both sides), it says that this is a legal copy. I don't see how that helps me though, until the payee has it posted to her account.
ReplyDeleteI've been waiting so long for everything to happen I've just developed a patient attitude toward the whole thing.
Developing a patient attitude is the way to go. Just pretend that you've taken a side trip to Sunny Mexico...
ReplyDeleteRob