Isn't This A Screw Job?

[curly'q]

"The available balance and available credit information displayed
through 'W**** F**** Online' is updated immediately to reflect your
transaction. However, it will take 2-3 business days to fully process
this transaction and update the outstanding credit balance and history."

OK, so they can withdraw money instantly from an interest bearing
account, but it takes 2-3 days (in 2008?) to credit a loan account.

Something smells.

LA

[Don Klipstein]

How about how long it takes a bank to clear a check?

It appears to me that most banks will put an artificial hold of 4
business days or whatever on checks over $5,000 - without exception for
ones easy to know are good.

Also - checks on foreign banks - even if the foreign country is Canada
and my country is USA and the bank that I deposited the check into has
corporate headquarters in the same country as does the bank that the check
is drawn on - my bank tries to tell me that the check has a 10 or so day
hold because they find cause to believe that the check may not be paid.
And the bank that it was drawn on paid it the day after I deposited it!

Many banks put long holds on checks if the checks were deposited by a
customer that has recently been overdrawn. What - even if the check is
easy to know to be good, the bank wants their customer to be a repeat
customer for overdraft and under-minimum-balance and bounced-check fees?
Is not penalty for the original overdraft sin supposed to be the
overdraft fee and any bounced check fees for the "original sin" and a ding
on credit report/score from the "original sin"?

(Thankfully I know the smelly game played by banks well enough to not
have been overdrawn as a result. I did switch from a bank that got
an under-minimum-balance fee from me by placing a BS hold on a large
check.)

The way I have heard it in newspapers, someone in a G8 country in Europe
can get a check cleared same-day even if it was from a different G8
European country.

Are banks operating in America tempting Americans to push Congress to
pass more laws telling businesses how to operate in America?

- Don Klipstein (d...@misty.com)