Why does it still take 5 damned days for a transaction to "clear" when I move money from one account to another? Has anyone actually ever challenged any banks/building societies to justify this delay?
I agree. Same with checks, my mom asked my bank(on one of her many trips to get a cashiers check, Ebay) and they said that they are required to report if the check is good/bad with in 48 hours.
Not the same with checks. The parent referred to a transfer between accounts (at the same institution, not between two banks.) Checks on the other hand, should have their funds verified if they are not drawing from that particular institution. The larger the amount and the 'less local' the check, the longer those funds would probably be held.
OTOH, I've not yet heard of a cashiers check being held, (or cash for that matter, although large deposits have to be reported:) but it wouldn't surprise me if some institutions have a policy for doing so.
A bigger question. (Score:3, Interesting)
Re:A bigger question. (Score:2, Informative)
Re:A bigger question. (Score:2)
OTOH, I've not yet heard of a cashiers check being held, (or cash for that matter, although large deposits have to be reported
Re:A bigger question. (Score:2)
I was quite agitated.