RE: [MLUG - DISCUSSION] banks fscking me

[Jonathan King <EMAIL:PROTECTED>]

On Thu, 9 May 2002, Brent Deterding wrote:

> Having my wife work in a bank gives me more than a little insight here.

[snip]

> The "float" thing is true - but the policies in place are there for a
> reason - to protect the bank. If it's a 2 week hold it's most likely
> what's called a REG/CC hold. Your history has a WHOLE LOT to do with
> the length of this hold. I deposited a very large check right when I
> was married - about 2 weeks after opening an account. It was drawn on
> a large financial institution (mutual fund). I had a REG/CC hold for a
> week because I had no real history with the bank.

I actually have some sympathy with how these things work, but the cases
where the longest (and most annoying) holds have happened to me are cases
where:

1) I have had accounts at the institutions involved for several years.
2) The checks were from large financial institutions that, by their
   nature, should be much easier to verify and clear than any personal
   check (not at the same institution).
3) The hold period went down (but not away) when I stood there and pointed
   out facts (1) and (2) to the bank manager handling the account.

I can't help but think that some of the (routine) wait in this day and age
is therefore an attempt to capture some of the float.  Heck, some dirt bag
financial institutions wait ONE DAY to complete an electronic funds
transfer (at the sending end).

jking


--
To unsubscribe, go to http://mlug.missouri.edu/members/edit.php

Archives are available at http://mlug.missouri.edu/list-archives/