Have you heard about no more floating checks ?

[bearfan454]

I used to write a check the night before direct deposit went into the bank. The other day I wrote a check for gas and the clerk gave it back to me and it said void all over it. Apparently they now deduct the money from your account automatically. I didn't know that. No more night before payday checks for me now I guess.

[papau]

1. Not a two way street - no float for customer - but bank gets a float!

but then, what did you expect?

:-)

[ronnykmarshall]

28. The banks do not.

They still might get some float, but with e-checks (which is the same as an ATM/Debit card transaction) or direct exchange between banks, the banks are clearing checks the same day.

[politicat]

32. Not my bank.... it still takes 7-9 days for a paper check to clear with my

bank. And that's a payroll check.

I'll be glad when Direct deposit kicks back in.

It also depends on the merchant. Some don't do the deduction, some do. See who hands you your check back.

Pcat

[ronnykmarshall]

33. You need to look into that.

I could tell you how long a check REALLY clears but the routing/transit number. If your account is within the same Federal Reserve district as the bank of you payroll check, 7 to 9 days is crazy.

[amber dog democrat]

2. I'd be very careful with that

I presume checks are like direct transfers now. We are in a different age, my friend.

[Gryffindor_Bookworm]

3. That's scary.

Most people count on floating checks at least occasionally.

[redqueen]

4. Yep

This will become more and more prevalent. Aren't banks wonderful?

[bearfan454]

5. I know 7-11 does this.

And the Cefco here right by the house too. Shit.

[MichiganVote]

6. Old Navy too. I won't shop there now

[redqueen]

7. And Wal Mart is doing it

Yeah I know, I know... but I still get some things there.

I think the Kroger or the Albertson's by my house has a notice that they'll start soon.

It'll be standard for most businesses within the next year or so, I'd wager.

[bearfan454]

10. That really sucks.

If this bastard cheats his way to 4 more years with diebold the corporations will completely take over. This shit is scary. And scarier is that most of the people don't even give a shit.

[redqueen]

19. I have a lawyer friend

He's fond of quoting some politico as saying that all the commoners need are comfortable shoes, a pot to piss in, and a (vulgar reference to a female physical part), and you don't have to worry about them.

Four years ago I argued with him. Now I'm starting to wonder if that sentiment is more accurate than I first imagined.

:(

[MichiganVote]

23. Screw Walmart. They suck.

[pagerbear]

8. Do people still write checks at stores?

I'm so accustomed to people using plastic or cash, since so many stores don't accept checks or give you a hard time if you try to pay with one.

[drumwolf]

25. From what i'm seeing, hardly ever anymore.

I have a retail job and I work the register every day at work, and I can tell you that I rarely ever get customers paying by personal check at my store anymore. They're far more likely to use their ATM card to take money from their checking account than they are to use a personal check.

And it's been a very long time since I've written checks for anything other than to pay rent and bills.

[ronnykmarshall]

29. I work in check processing

and yeah people still do.

Not as much as before, but still in large numbers.

[richmwill]

9. Sometimes it's even worse

One day I deposited my paycheck at about noon. I went to purchase something later on that day, and tried to use my debit card. The debit card wouldn't go through because the deposit "hadn't been posted to my account yet"- almost 7 hours after I had deposited it. Luckily I had the cash on hand to complete the purchase, but I still say, what was that about?

[bearfan454]

12. I found a way to get around that.

If you have savings(I used to) that are equal to your paycheck you can cash your check on the spot because you have matching funds. Then I turn around and deposit cash so I get credited instantly. They asked me a few times why are you cashing your check and then depositing cash I said because I want to.

[SOteric]

13. My bank sent out notices 3 years ago that they would

put an automatic hold on all checks deposited at ATM's or through night drops. If I wanted the funds available immediately, I had to see a teller personally. It's a small bank (credit union, actually) and I know many of the tellers well, so I asked them about it.

Apparently there is such an incidence of mathematical mistakes and outright fraud that the bank was losing money every month. People would invert numbers, add zero's, etc. Anything that looked innocent (and likely often was) and usually in the customer's favour. Then they'd withdraw the funds and the bank would be out the difference when the actual check was deposited. So the bank instituted two new rules. Anything over $300 was on automatic hold, and no customer could take out more than $300 in a 24 hour period from an ATM.

[DS1]

18. Mine is kind of like that

Up to a given amount of dollars you get a certain percentage of the check deposited in an ATM available, but never more than a maximum of $100, even if you drop in a check for 3,000 - for example.

[ronnykmarshall]

30. They have to give you at least $100 credit.

When a bank places a hold on deposited check, they are supposed to give you avalibilty of $100. The rest of the amount of the deposit is on hold.

[ronnykmarshall]

26. Auto deposit

If you can get auto deposit for you payroll, most banks will be give you partial availibilty (or memo post) the day your pay roll is deposit.

At the risk of being flamed (I work for a bank), when you take a check to the bank (most banks) you don't get credit until the next day. The reason being is that deposit are not processed until that evening at the bank's data center and balances are updated in the morning.

[WinterStorm]

11. The Visa cards that they give you they allow you to go over

I thought that I have a few bucks in my account and it allowed me to go over 5 times and each charge was less then $10.00 and I ended up paying $33.00 dollars for each time that I went over and it came out to $180.00 in fees. I freaked out because I am a College student and I don't have that kind of money.

When you use that Visa card always tell them that it's a debit card because if you say credit it will allow you to go over so many times until you are screwed.

I use to float a check or two but now you can't do that anymore :grr:.

[Mr.Green93]

14. Banks should sell a "check floating" service

[WinterStorm]

15. Check cashing services do that

They will cash a check for you and then you pay them back three times the amount that they cashed it for or Guido comes by and breaks your leg :evilgrin:.

[bearfan454]

16. They have those here.

They call it payday advance. It is a rip off. My buddy at work used to do it. He said they would charge $25 to cash your check 3 days early. And yes, you better pay the back on time.

[redqueen]

20. Most definitely a rip off.

Predatory lending, and it targets those least able to afford it.

:grr:

[woofless]

17. They do. "Overdraft Protection" is a credit account

that will pay any overdraft you create up to whatever credit limit you have arranged. You then pay interest on that amount until it is repaid.

[MsUSA]

21. How about credit unions....

do they deduct the money automatically???? I hate banks.....

[Kat45]

22. BUT when I pay a credit card bill online, it takes 3 days to post!

From your post, it sounds like they can deduct the money from your account, in their favor, immediately. Then why can't they electronically deduct the money from my account (in my favor) to pay their bill immediately when I'm directing them to pay the bill? I find it ridiculous to have to pay 3 days in advance when paying online; paying same-day will get you a late fee of $15, $25, or more. Or, they have a same-day pay "service" in which they will allow you to pay it the same day for a $12.50 fee!

What a racket!

[cally]

24. Ask for the manager when they try to hold your deposit

I do it routinely. I own a small business and the bank routinely tries to hold deposits for a week or so. If they do that then we sometimes can't pay our bills. I always ask for a manager or the higher up to remove the hold. I refuse to allow them to hold it because I don't have the funds to cover the deposit. I insist they call the other bank and get the funds. I've done this so often that it's now routine. They don't have to hold the check ever.

[ronnykmarshall]

31. That's crap

Even when I worked for Bank of America as a teller, we NEVER placed holds on payroll checks.

If your account has only been open less than 30 days, they should not have a reason to hold a PAYROLL check.

[ronnykmarshall]

27. It's called Check 21

it's a new law that goes into effect towards the end of the year.

Most banks (large banks) will be processing images instead of paper check. Large banks will do an electronic image exchange. The bulk of these will be West to East coast banks.

Floating checks are a thing of the past.