Re: Bank Practice Rant

Posted by RN on February 07, 2017 at 11:08:16 from (205.213.104.118):

In Reply to: Bank Practice Rant posted by Super-H-Mike on February 07, 2017 at 08:19:43:

1 minute after midnight and some funds deposits go through- social security, retirement account funds do this for me at least. Federal bank clearing of checks and some other transfer starts about the same time- it is the start of 'next business day' and the local banks will have most of their updating done by 0600 that morning- the banks computers or bank service provider may have a schedule of receive the EFTs, then back up transfers, back up account files before updating accounts-- if a power failure or earthquake happens, the files are backed up and if during update processing something goes wrong- disk crash, software failure, abends- the files can be restored off site and processed there. Some deposits are put to account- but then reversed as in case of ISF checks or some fraud deposits that get checks written before vamoose - banks have a security interest and the law enforcement and legislature let them protect themselves some- legislatures trying to 'protect' small customer are asked to pay up bank loss from rapid unsecured processing, either taxpayers money or their paychecks, a reason the bank lobbyists seem to win. Between Identity theft, forged money orders and counterfeit bank drafts- and sometimes bank short of funds before going bankrupt- the processing has some delays just to check things out. A cushion in account is handy, practical for most personnel accounts. Small business has a possible problem- do you have occasional check that isn't covered because payee was depending on float of 2 days? How about credit card reversals? Small business, some large business and banks have potential problems with sloppy book keepers and actual thieves-- Amish doing cash business along with the dope dealers, car thieves general scamming populace are a target for the Federal cash grabbers- but don't have much bank hassles, just have to have shotgun handy to guard cash box. RN

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