That's what I'm thinking. They are using our money and penalizing us for
trying to use it.

--
Starlia Klopman
www.klopmanstudios.com


"Kalera Stratton" wrote in message
...
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.