I agree. The new law basically makes it possible for banks to use YOUR
money to earn that much more interest for themselves; they have the
money instantly because the check clears FROM the writer's account
immediately, but they don't have to release it to you for several days.
While they're earning interest on it. Interesting, isn't it?

-Kalera
http://www.beadwife.com
http://www.snipurl.com/kebay


Peggy wrote:
I thought the article was a bit misleading. Vicki's post states the problem
better: Banks are still putting holds on deposits of monies that you put
into your account, but they are clearing the checks that you write within 24
hours.

Here's what that means to you: You might deposit money into your account
and then write a check against your account, only to find that you actually
didn't have enough money in your account to cover the check because of the
hold on your deposit. (During the "hold" period, the deposit amount is
credited to your account but the funds are not available to you.)

I don't know whether what I just said helps to explain the problem. If you
keep a large amount of money in your checking account you won't get into
trouble. But people who can't afford (or don't want) to keep money sitting
in checking could get stung by this new law. Personally, I think that the
same rules should apply for deposits as for clearing checks.