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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (97165)	5/1/2009 12:55:32 AM
From: Sr K	1 Recommendation Read Replies (2) \| Respond to of 116555

I recall that "sweeps" change was part of the faster clearing of checks, so consumers and businesses would have use of their funds quicker. A $100 had to be available immediately and all checks had to clear faster than before, unless there was a history of problems with that account or payer. Faster use of and access to funds had to be balanced on both sides. If you want to avoid "this blatant fraud", remember that it used to take 5 banking days to clear a local check, 10-12 for out of state, and over 20 days for foreign checks.