Reply #6: I know that policy all too well [View All]

and have told creditors that if they didn't like being paid the following week, they should contact the bank and request that they reverse their accounting procedure.

Once I got my house, I didn't care what my credit rating was, and that made a big difference. I've never bounced a check because of the penalty for that. Creditors who have to wait three days suffer less inconvenience than a mere banking customer does.

Now we don't even get to live on float while checks are physically transferred from bank to bank through the Fed. Once a check is posted, that check is electronically debited from your account no matter how long it takes to arrive at your bank in its physical form. Yet when it comes to deposits, banks still pretend float exists.

The industry is overdue for re regulation. The fucking GOP has certainly taught us why they were heavily regulated in the first place.