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We are all familiar with bank debit cards, that allow us to withdraw money from any bank for a fee. I would like the freedom of making deposits in the same way. I am self employed, collecting from clients in both cash and check, so please don't suggest direct deposit. With this plan I could go to the
nearest bank and, for a small charge, put money into my account without the additional waste of money, gas and time needed to drive to my home bank.
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I wonder if banks could make a bit of interest income off the few-day delay before the transfer is complete. All that skimming from millions of people every day and they might not need to charge you anything! |
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I was thinking the same thing. But there's one thing about banks- all they care about is money. |
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Pastry. You have an account at Bank A. You are near an ATM from Bank B. You deposit the money at Bank B's ATM. |
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Bank B holds onto the money for 3 days, making interest off it. Bank B then deposits the money into Bank A, having made a small profit by holding your money. Everybody wins. |
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[phundug]: That's why my checking account is 'free'; my bank takes three days to clear transfers. |
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I've heard that the banks are going to actually speed up the process of check processing and transfers of funds between banks, so don't count on that 3 day float. I think they'll make more off of catching people with insuficient funds and charging $30 or so.
My bank now limits me to one free trip a month to cash checks or make deposits, if I come inside. I have to use their atm to avoid a fee. And this is one of the largest Banks in America. Greedy Bs |
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[oye] It is called Check21, and is part of what I do for a living. Other rule changes and new technologies are going to reduce the customer's float time to effectively zero. Your check can be processed right at the point of sale, and your account debited immediately. Even if you mail in your payments, the check could be processed in less than 24 hours. |
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Basically don't write a check unless you have the funds to cover it. |
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