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OT - warning - check 21



 
 
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  #1  
Old October 28th 04, 07:23 PM
Marisa2
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Default OT - warning - check 21

I am going to sound lame here but I can't immagine why people are
writing checks if they don't have the money.

The only situation they mentioned that I can immagine is writing a rent
check a few days before it is due (on the first of the new month) so to
be sure it gets there in the mail. But you can still post-date the
check, right?

Marisa2

vj wrote:

http://money.cnn.com/2004/10/22/pf/s...tips/index.htm

banks will continue to put holds on deposits.
BUT checks [no matter where they are written] will now clear within 24
hours!!!!!!!!!!


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  #2  
Old October 28th 04, 07:33 PM
KristyT
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That 5 day hold thing is for the birds. I deposit a check from my ex every
month. New girl put a hold on it & I said no, I've been depositing those
for 5 years here & never a problem & why should you hold my check for 5 days
when it will clear in 1-2 days.

Kristy


  #3  
Old October 28th 04, 08:23 PM
Marisa2
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vj wrote:

vj found this in rec.crafts.beads, from Marisa2
:

]I am going to sound lame here but I can't immagine why people are
]writing checks if they don't have the money.
]
]The only situation they mentioned that I can immagine is writing a rent
]check a few days before it is due (on the first of the new month) so to
]be sure it gets there in the mail. But you can still post-date the
]check, right?

that's not quite it.
i take my paycheck to the bank and deposit it.
it used to be that the bank credited it to my account immediately, but
they recently changed management - and now the hold on the check can
last anywhere from three to five days.

it used to be that as soon as i deposited my check, i could go home
and write the checks for all the bills for the month. now, i have to
wait a week -- to make sure the bank has credited MY check - - because
it's entirely possible that even though i have deposited my check, the
one i write and mail will get to my account first - and bounce. even
though if they can DEDUCT my checks within 24hours, they should be
able to CREDIT them the same way!



Oh, wow! So, if I put my check in the machine at the bank, even though
it says the money is on my balance, it really isn't yet?

marisa2
  #4  
Old October 28th 04, 08:23 PM
Peggy
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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.



  #5  
Old October 28th 04, 08:57 PM
susiegibson
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yup- you explained it fine....

--

susie gibson

********************************************
http://www.reachone.com/sgibson/
********************************************

"Peggy" wrote in message
...
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.





---
Outgoing mail is certified Virus Free.

Checked by AVG anti-virus system (http://www.grisoft.com).
Version: 6.0.775 / Virus Database: 522 - Release Date: 10/8/04

  #6  
Old October 28th 04, 09:25 PM
Kalera Stratton
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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.



  #7  
Old October 28th 04, 10:49 PM
starlia
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Default

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.



  #8  
Old October 28th 04, 10:54 PM
Dr. Sooz
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Posts: n/a
Default

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.


That's the first thing that went through my head -- "What a sweet deal for
them."
~~
Sooz
Yummy yummy apricot jam! (It's so much better than green eggs and ham)

  #9  
Old October 29th 04, 12:40 AM
starlia
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Default

Because they are making money by not giving it to you.

--
Starlia Klopman
www.klopmanstudios.com


"vj" wrote in message
...
vj found this in rec.crafts.beads, from "Peggy"
:

] Personally, I think that the
]same rules should apply for deposits as for clearing checks.

AMEN!
if they can clear one, why the hell can't they clear the other?
they're BOTH checks!


--
@vicki [SnuggleWench]
(Books) http://www.booksnbytes.com
newest creations: http://www.vickijean.com/new.html
-----------
I pledge allegiance to the Constitution of the United States of America,
and to the republic which it established, one nation from many peoples,
promising liberty and justice for all.
Feel free to use the above variant pledge in your own postings.



  #10  
Old October 29th 04, 12:40 AM
starlia
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Default

That's what I have. I love my credit union although they do have some weird
rules. When I get checks I usually take them to the person's bank and then
deposit.

--
Starlia Klopman
www.klopmanstudios.com


"Margie" wrote in message
...
On Thu, 28 Oct 2004 16:33:51 -0700, vj wrote:

well, i had this nice little community bank, you see.
and they got taken over by new management.

and then things started getting really weird.


Psst...check out your local credit union. :=)

--
Margie
"The only thing that separates us from the animals is our
ability to accessorize." -from the film Steel Magnolias
http://www.picturetrail.com/margiek








 




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