http://www.geeknewscentral.com/2008/08/23/why-go-to-the-bank/ Geek News Central is the technical weblog for Geeks. We Spin tech for the common man. With a twice weekly tech podcast Thu, 18 Mar 2010 17:20:02 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://www.geeknewscentral.com/2008/08/23/why-go-to-the-bank/comment-page-1/#comment-4187 Eddie Mon, 25 Aug 2008 14:17:39 +0000 http://www.geeknewscentral.com/2008/08/23/why-go-to-the-bank/#comment-4187 R: "Secondly they could delay “cleared” status. This would give them time to make sure there is a checking account somewhere else that will cover the check they just deposited." <span class="mt-export2wp"></span> Not really so. Availability and clearing (two different things) are mostly set by Federal Banking Regulations. A bank can "shorten" those hold days as a competitive advantage (but at a risk), but NOT lengthen them (we like our state bank charters and licenses and dont like Fed auditors yelling or fining us)... <span class="mt-export2wp"></span> Plus, it's a competitive market advantage thing: in general, all banks want to make your deposits available as soon as possible. So, if Bank A offers you available funds a day up over Bank B (not withstanding the actual clearing/collection of the check), as a business with a cash-flow concern, who do you go with? Bank A, of course. <span class="mt-export2wp"></span> R: “Secondly they could delay “cleared” status. This would give them time to make sure there is a checking account somewhere else that will cover the check they just deposited.”

Not really so. Availability and clearing (two different things) are mostly set by Federal Banking Regulations. A bank can “shorten” those hold days as a competitive advantage (but at a risk), but NOT lengthen them (we like our state bank charters and licenses and dont like Fed auditors yelling or fining us)…

Plus, it’s a competitive market advantage thing: in general, all banks want to make your deposits available as soon as possible. So, if Bank A offers you available funds a day up over Bank B (not withstanding the actual clearing/collection of the check), as a business with a cash-flow concern, who do you go with? Bank A, of course.

]]> http://www.geeknewscentral.com/2008/08/23/why-go-to-the-bank/comment-page-1/#comment-4186 Ken Sun, 24 Aug 2008 17:14:41 +0000 http://www.geeknewscentral.com/2008/08/23/why-go-to-the-bank/#comment-4186 I have banked at USAA since I got married. It is for Navy officers and their families. My wife was in this from her father; so I married into it. <span class="mt-export2wp"></span> They have have the ability to scan checks at home, and they get populated into a form on their web site. Just add a little information, and the check is deposited into my account. As part of the process, they ask you to write VOID on the check after it has been accepted. <span class="mt-export2wp"></span> It is easy and convient (you just need to have a scanner). <span class="mt-export2wp"></span> PS: I've never been to their physical location, which is in Texas (I'm in Illinois). I have banked at USAA since I got married. It is for Navy officers and their families. My wife was in this from her father; so I married into it.

They have have the ability to scan checks at home, and they get populated into a form on their web site. Just add a little information, and the check is deposited into my account.
As part of the process, they ask you to write VOID on the check after it has been accepted.

It is easy and convient (you just need to have a scanner).

PS: I’ve never been to their physical location, which is in Texas (I’m in Illinois).

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