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#1
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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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