[Shotimes] RE: REALLY REALLY OT - Selling a car

[Ian Fisher]

The only point that I will address is that there are federal regulations
in place to prevent this, so no I don't think that banks add extra time.
Every financial institution should have a deposit account agreement
booklet that lists the time frame for checks to clear. In many cases,
money from a deposit is made available before the check has even cleared
(hint to everyone else-depositing into an interest bearing account makes
your checks clear faster because of federal regulations) It costs the
bank money to process transactions; I don't think its worth it
(especially with interest rates so low) to spend money putting an
extended hold on a check only to make back half a penny in interest.

Ian


-----Original Message-----
From: shotimes-admin@autox.team.net
[mailto:shotimes-admin@autox.team.net] On Behalf Of colin cooney
Sent: Monday, April 14, 2003 2:05 AM
To: ianf@eden.rutgers.edu; shotimes@autox.team.net
Subject: RE: [Shotimes] RE: REALLY REALLY OT - Selling a car




I know: check clearance period " is to make sure sufficient funds are 
available etc etc", but don't tell me banks don't tack on an extra
couple of 
days. That's like saying AOL double-bills people " by mistake" on the
last 
week of the year.