Huh? check clears bank next day??

SamThompson

I don't know what to think, I deposited an out of state check and the funds were in my account the very next day. Isn't this a little suspicious?

jbsteven

I read somewhere that banks will soon be able to use a digital image of a check and get payment (it means the "float" will be gone soon on checks).

Scavenger

Cashier's check or personal check?

UncleJoe

It could also mean that the teller did not input the deposit as an out-of-state check.

I have been banking at my credit union for so long that they very rarely put a hold on deposited funds. (usually only the new tellers)

Joe.

mrearlygold

<< <i>It could also mean that the teller did not input the deposit as an out-of-state check.


That sounds like the reason.

Whatever the reason is, be happy

Rgrds
Tom

tmot99

I've actually paid by check someplace and they enter it in like a credit card. They handed me my check back and said thank you. That was a year or two ago at Midas. I haven't seen it much in other places which amazes me. We lost a bill and got a phone call from our insurance agent. They took the checking account # from the check and entered it right form there. No need to send a check. And this was not set up to be a direct pay account.

Russ

<< <i>I deposited an out of state check and the funds were in my account the very next day. Isn't this a little suspicious? >>



I don't know why it would be suspicious. When I deposit a check in my account, the funds are available immediately regardless of check origin.

Russ, NCNE

Cameonut

I read in the paper yesterday that the float on checks will be reduced from days to minutes. It is required to be effective sometime in October. Obviously, some banks are already on board.

Looks like those banks that used to make money on the float, will have to look elsewhere for that profit. I hope they don't increase other fees.

fountainheadgold

That does not mean the check won't bounce !!!!

ziggy29

The bank may make the funds available, but that doesn't mean the check has cleared. It could still bounce, and the deposit amount would be reversed. If that makes you overdrawn...unless you have overdraft protection, too bad, unfortunately.

zzzz

I get immediate use of any check I get .. heck most the time I just cash them .. out of state or not.

I've always thought the banks with wire transfers and the such get the money from a held check the next day. The banks who sometimes require a 5 - 10 WORKING day hold on the check gets use of those funds intrest free for the time a check is held. One might not think on your check would amout to much but all the checks throughout the banks branches and system held could be enormous ...

Russellp23

President Bush put this into effect beginning 1 Oct 2004, it eliminates the wait time for both the customer and the banking facilities. I believe it's a scan that's sent electronically.

photoman

I was at a store last year and wrote a check. They ran the check through a scanner and checked for available funds, handed the check back to me cancelled on the back and said thank you. Glad I wasn't floating the check til payday.

Doug
ANR

SamThompson

<< <i>That does not mean the check won't bounce !!!! >>




see that's what i was afraid of. and this was a personal check, although it was sombody who works for a financial services company. looks like i'm going to have to call my bank, i dunno, i'm not mailing a thousand$ coin till im sure

relayer

It's a new world today starting this month.

There is no more float and if you write a check you better have the money in your account, otherwise it will bounce.

Checks are processed throught the ACH system pretty much the same day and you don't even get your checks back any more. Banks will only provide a digital image upon request.

The banks will save a lot of money by reducing their handling costs. One downside is that forgeries will be harder to prove because one thing they look at is the amount of ink to determine the pressure used to write the check, which they won't get on the digital images.

SamThompson

<< <i>It's a new world today starting this month.

There is no more float and if you write a check you better have the money in your account, otherwise it will bounce.

Checks are processed throught the ACH system pretty much the same day and you don't even get your checks back any more. Banks will only provide a digital image upon request.

The banks will save a lot of money by reducing their handling costs. One downside is that forgeries will be harder to prove because one thing they look at is the amount of ink to determine the pressure used to write the check, which they won't get on the digital images. >>




so does that mean the checks could still bounce or are they instantly cleared 100%?

relayer

I don't know. There is something about claims have to be filed within 20 days to get a credit

Bochiman

<< <i>I was at a store last year and wrote a check. They ran the check through a scanner and checked for available funds, handed the check back to me cancelled on the back and said thank you. Glad I wasn't floating the check til payday.

Doug
ANR >>



Yeah, just had this happen to us with Daycare.....the problem was that we wrote the check and it was taken out of SAVINGS! Not checking!
We had more than enough to cover it, but dammit, when I write a check, I expect it to come out of checking not savings.

SamThompson

OHhhhhhh great, I called my bank and they told me that in order to find out if the check has 'cleared' i would have stop by my bank, get a copy of the check i deposited, and to call the out-of-state bank to find out. What kind of BS is this anyway, am I getting the run-around here? should my bank not freaking know if the check is clear or not?

prooflike

SOme companies take your check and EFT it...

Longacre

I heard that checks clear sooner as well