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To: Sr K who wrote (97173)	5/1/2009 12:08:28 PM
From: benwood	Read Replies (1) \| Respond to of 116555

I remember my parents being nailed over and over for bounced checks because the local bank 'held' the payroll checks from Weyerhaeuser. Just one fleecing scam after another. Next thing you know, they are going to loot the Treasury.

To: Sr K who wrote (97173)	5/1/2009 12:20:49 PM
From: mishedlo	2 Recommendations Respond to of 116555

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. Nonsense. A DDA account is money that is supposed to be available on Demand. It is not available on demand. Sweeps allow only a portion available on demand (essentially 0%). Reserve requirements on checking accounts should be 100%. Moreover, the fact that checking accounts are cleared faster now, if anything should logically increase not decrease the reserves (assuming someone disagrees about the 100% reserve requirement). With 100% reserve requirements one would not even need FDIC (for DDA accounts). Of course FDIC is itself a fraud, and a moral hazard in the first place so FDIC should be eliminated across the board. Mish