On Saturday 28 April 2007 20:30, peripheral_jen wrote:
> I was actually going to comment on this too...only I use the
> term "collected". The check can "clear" the bank and be credited to
> your account within 5 days, but only until your bank actually
> collects the funds is the money really yours. A word difference but
> can be inportant...
> check "clear" and then giving more money.
Yes. I was being sloppy in my wording. The new checking system (I
think it's called Check 21) has changed things. I understand (and
correct me if I'm wrong) that funds have to be available at close of
business 48 hours after the deposit (weekends excepted, of course).
Checks post faster, but still, don't count on it until it's had time to
go through the entire process. As I pointed out, in the story I told,
I've had times where I've taken a check from a suspicious company and
cashed it at THEIR bank, then take the cash to my bank and deposit it.
True, if it's over a certain amount (something like $3,000), they have
to record it for the Department of Fatherland Security, but my life is
pretty dull and boring and being investigated by the paranoid men in
black is not something I'm overly worried about.
Hal
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