Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Player's Club Speculative Futures -- Ignore unavailable to you. Want to Upgrade?

To: Bull RidaH who wrote (127)	2/4/2000 5:31:00 AM
From: GROUND ZERO™	Read Replies (1) \| Respond to of 185

David, Tippet, BG, and all, This is just my opinion, but I would suppose back in 1942 they really had to wait a few weeks for the mail to arrive so they could clear checks... but, today with instant wire transfers and instant global communications, any check can 'clear' in a matter of seconds... MasterCard 'clears' 30,000 purchases per second, so why would a bank tell anyone that it would take 10 or more 'business days' to clear a check? Here's why: When the bank holds the cash behind the check for that many days, they are profiting from the overnight float of the federal funds overnight rate and when you multiply this times all the held checks nation wide, there is a fortune made by the banks that the customer never sees... the very same thing happens when one buys traveler's checks... if you buy $5,000.00 in traveler's checks, the bank also benefits from the overnight interest on that money before you finally cash one of those checks weeks later somewhere in Madrid... countless numbers of people all over the country probably have billions of dollars worth of uncashed traveler's checks stashed away somewhere that they have never used... and who is still getting the interest on all that money? Why, the banks.. that's who... just some food for thought.....<g> My Best... GZ

To: Bull RidaH who wrote (127)	2/4/2000 6:18:00 AM
From: yard_man	Read Replies (1) \| Respond to of 185

In the instance I became familiar with this -- I complained up 2 levels and got access to the funds in 3 days, once I knew what the code said. When I get in today -- I'll get the bookmark for you. It is really ironic that these folks are quoting something that was actually written to prevent the banks from giving you an unreasonable delay in access to your funds, but that's the banks for you. If it isn't a big deal to you -- no big deal. It was very annoying to me at the time I had the trouble because the 1st level manager was vindictive when I questioned them on it. I'm so glad I have a couple of cerdit unions that I can bank at -- I get so much better service, better rates on the funds -- you name it. To banks, the idea of service seems to be foreign concept sometimes.