Posted by RN on February 07, 2017 at 11:08:16 from (205.213.104.118):
In Reply to: Bank Practice Rant posted by Super-H-Mike on February 07, 2017 at 08:19:43:
1 minute after midnight and some funds deposits go through- social security, retirement account funds do this for me at least. Federal bank clearing of checks and some other transfer starts about the same time- it is the start of 'next business day' and the local banks will have most of their updating done by 0600 that morning- the banks computers or bank service provider may have a schedule of receive the EFTs, then back up transfers, back up account files before updating accounts-- if a power failure or earthquake happens, the files are backed up and if during update processing something goes wrong- disk crash, software failure, abends- the files can be restored off site and processed there. Some deposits are put to account- but then reversed as in case of ISF checks or some fraud deposits that get checks written before vamoose - banks have a security interest and the law enforcement and legislature let them protect themselves some- legislatures trying to 'protect' small customer are asked to pay up bank loss from rapid unsecured processing, either taxpayers money or their paychecks, a reason the bank lobbyists seem to win. Between Identity theft, forged money orders and counterfeit bank drafts- and sometimes bank short of funds before going bankrupt- the processing has some delays just to check things out. A cushion in account is handy, practical for most personnel accounts. Small business has a possible problem- do you have occasional check that isn't covered because payee was depending on float of 2 days? How about credit card reversals? Small business, some large business and banks have potential problems with sloppy book keepers and actual thieves-- Amish doing cash business along with the dope dealers, car thieves general scamming populace are a target for the Federal cash grabbers- but don't have much bank hassles, just have to have shotgun handy to guard cash box. RN
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Today's Featured Article - When Push Comes to Shove - by Dave Patterson. When I was a “kid” (still am to a deree) about two I guess, my parents couldn’t find me one day. They were horrified (we lived by the railroad), my mother thought the worst: "He’s been run over by a train, he’s gone forever!" Where did they find me? Perched up on the seat of the tractor. I’d probably plowed about 3000 acres (in my head anyway) by the time they found me. This is where my love for tractors started and has only gotten worse in my tender 50 yrs on this “green planet”. I’m par
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