gam@proper.UUCP (Gordon Moffett) (06/30/84)
The July 1984 issue of Consumer Reports claims a set of rules
are/will be enacted in California and New York to limit the
length of time a bank may "hold" a check before crediting the
depositors account.
A synopsis (from pg 365):
"New York's rules, which took effect in mid-March, apply to checks
of $2,500 or less. Savings banks and savings-and-loan institutions
must make funds from local banks available in three business days.
Funds from checks drawn elsewhere in the state must be made available
in four business days, and funds from out-of-state check in eight
business days. For commercial banks, the new clearing period is
shorter: two, three, and six business days, respectively.
"... California's rules, which should take effect later this year,
are similar to New York's. They will apply to checks of $5000 or
less, and will specify slightly different waiting periods. [ Thanks,
CR, for explaining all about the NY law, and telling us Californians
`well, it's sorta like that but different.' ] "
At last, banks are being forced to provide the benefits of electronic
techonology to their customers instead of pretending that checks
must be cleared by Pony Express!
--
Gordon A. Moffett
{ hplabs!nsc, decvax!sun!amd, ihnp4!dual } !proper!gamessachs@ihuxl.UUCP (Ed Sachs) (07/02/84)
================================================================= I don't know what experiences people have had in other parts of the country, but here in the Chicago area, it is customary for Banks and S&Ls to credit deposits immediately. I've never had anything else, and I have had checking accounts with a half dozen different Banks and S&Ls over the years I've lived here (ooh, if they only allowed branch banking). -- Ed Sachs AT&T Bell Laboratories Naperville, IL ihnp4!ihuxl!essachs