Has anyone else noticed that it seems checks take longer to clear

[Midlodemocrat]

these days?

DH :eyes: 'accidentally' tossed out my debit card which was in a bag along with the prescriptions and I am reduced to writing checks for things in stores.

Now, normally, I boot up my computer in the morning, take note of what has/hasn't cleared, payments posting, etc., but these 'check' things are driving me nuts.

I don't keep a running balance in my checkbook because I, prior to the 'loss' of my card, simply put the receipts on my desk and went from there.

Is it just me? I remember back in the 'pre-debit' days, a check took 1-2 days to clear, now it seems that it is routine for it to be 4-5 days.


:shrug:

[ScreamingMeemie]

1. The funny thing is, now that bank clearing houses are "online" it's

supposed to take less time. Yes, I have noticed that. :hi:

[Redstone]

2. You're not imagining it. It's a banking law passed 5 or 10 years ago.

I'm too tired to look it up, but it happened about the time you started seeing checks where you HAD to endorse within a specific area on the back...

Redstone

[Floogeldy]

3. Now hear this.

The bank waits as long as it can to post deposits, but posts debits immediately so that the odds are they can apply overdraft charges.

You have Congress to thank for this abusive scheme.

[mduffy31]

5. Tell me about it

Take this, I got paid on Friday morning. Now I work the night shift at the facility that I work with. Now my checks are from the same banking institution where I have my accounts. I deposited my check at 0830, it finally posted into my account Tuesday at midnight. Now on the other hand, when I paid my car payment which is also held by them them first made a mistake and took two payments out which then caused an overdraft. Now they told me today that I had to fax them a copy of my account to PROVE that the money was actually taken out of MY account, even though that they did it, so they have access to see where they took the money. To top it all off they then told me it will take 5-7 days to refund my money, when it took 1 hr to remove it. It's not like that they have to print a check and send it to me all they have to do is inconvenience a few electrons to give me my FUCKING money back!

[Floogeldy]

6. Which bank?

:)

[mduffy31]

7. Wells Fargo

[Left Is Write]

10. Wow!

An error at my bank caused a double draft of one of my HELOC payments last year, and it did cause an overdraft. I notiftied the bank as soon as I noticed, and by the next day the payment was refunded and all overdraft fees credited back to my account.

[grasswire]

8. yes, yes

and if you are close to a zero balance, they will pay the larger check first in one day and then pay the tiny little checks so that if you bounce anything, it's going to be several little checks that will cost you $33 each in fees. It isn't done in chronological order. Agh. I hate banks.

[pitohui]

4. this just a wrong memory

checks never cleared in 1/2 days as a matter of routine, you were always advised to allow 10-14 days, altho i agree they clear now (as they always have) in 4 or 5 days unless there is a rare problem

[Left Is Write]

9. I've noticed the opposite...

Most checks I write are presented electronically and clear very fast.

[ScreamingMeemie]

11. A lot of the info in this thread is wrong. My mom is a regional bank

manager. The system is actually set up to clear checks in 1-2 days now. It still doesn't stop banks from placing holds on deposits for up to 7 days, but the clearing house system is lightening fast (supposedly) now. What was 10 years ago is no longer. :hi: