Re: paying at auction

Posted by Jim.UT on May 25, 2007 at 13:22:18 from (64.122.18.247):

In Reply to: Re: paying at auction posted by dhermesc on May 25, 2007 at 05:59:58:

That may or may not work. I'm in the banking biz (manage a very small credit union). Electronic transactions (called Autmated Clearinghouse or ACH transactions) always happen early in the morning....before we open the doors. If an ACH debit comes in and there's no money to cover it, it gets returned. We have to do that because the rules state that if we don't return an NSF item within a certain time period, we eat it.

The old days of "playing the float" are about gone. You'd better have the funds in the account before you commit them in any way because the electronic age has speeded everything up.

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