| Author |
Message |
Andrew DeFaria
Guest
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 Posted:
Thu Oct 27, 2005 6:00 am Post subject:
Re: Posted versus cleared |
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John Pollard wrote:
| Quote: | Andrew DeFaria wrote:
John Pollard wrote:
Just a couple of observations, with the general theme that I think
the issue is somewhat more complicated than you indicate.
First: not all banks download transactions that are on "hold" (or
"pended" as BofA calls them).
My point is that no bank should send you transactions saying that
they are pending. That is largely a useless piece of information for
the customer and only serves to confuse the process.
You mean *you* would rather they didn't do that based on what you know
now. But that does not mean that others "should" share your desire.
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Shall we take a poll? I mean "you" the large general usage of "you"
meaning the majority of people. That coupled with the fact that there is
no way currently to indicated that a downloaded transaction means it's
been bona fide cleared, please describe to me the usefulness of it
meaning posted!
| Quote: | Second: withdrawals can be held as well as deposits; a withdrawal
that is on hold reduces the funds available to you but that info
(either the transaction or the effect on your available funds) may
not have been downloaded.
This is the 21st century. Transactions should happen in real time -
just like people think of them.
This is planet Earth, where reality says that things will move much
more slowly than that.
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Bull! It's quite simple, the bank has little incentive to fix this
because they make a boatload of money when they confuse people and get
to charge them fees. There is no reason for things to move slowly. Why
are you protecting them John?
| Quote: | As long as fi's are not consistent about what they download,
Quicken
will have difficulty getting things right.
Exactly so let's fix the banks!
You have my vote.
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It sure didn't seem that way given your "Earth" comment above...
One major way of accomplishing such things is to not succumb to excuses
that have no merit like "Well it just takes time". It doesn't have to
take that much time damn it! And if people were more demanding that's
exactly how change happens.
| Quote: | What I'm proposing would eliminate the need for such silly
distinctions. But yes you are making my point that currently Quicken
doesn't handle the situation well.
I saw nothing in your proposal that would fix your problem and
eliminate the need for something like I suggested. Speaking of your
proposal: what was your proposal?
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Well one way is that when I deposit funds they are deposited! I know it
sounds deceptively simple but there is no real reason why at the time I
deposit a check, a check of how much money is available is
instantaneously made of the other bank, funds verified and transfered to
my account - before a receipt is issued. IOW if it is done right there
and on the spot then there is no other problems to contend with. If
there is a transmission problem then and only then would a delay be
incurred.
| Quote: | I like having more information available in Quicken rather than
less, just not sure how easy this will be to do.
I like having less information to remember and concern myself about.
I have information in Quicken so I *don't* have to remember it; I can
just look it up in Quicken when needed.
Leave your Quicken registers blank ... that ought to cut down on the
extra information.
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You misunderstand. What I'm saying is that I should not have to remember
nor think about any such concepts of posted, on hold, clearing, etc. IOW
when I deposited the funds they were *immediately* available. No need to
remember any other "states" of transaction. Anything downloading
transactions to Quicken is just an indication of the single stated
transaction that happened at the bank or ATM. Less to remember. Less
complications. Less trip ups and (and this is where the bank doesn't
like it) less transaction fees due to stupid antiquated systems!
| Quote: | snip
Why do people do this? I mean did you really think I didn't know you
snipped it? It's like people who write "(over)" at the bottom of a
letter that they write. Thanks for that helpful bit of information
there but I already figured that one out! :-)
You're more than welcome to assume that I did not do it for you at all.
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I didn't think that you did it for me alone. I don't assume such things.
| Quote: | I did it for others who may not have memorized your original post so
wouldn't know anything was missing ... and who could then be spared
having to read more of your words in my reply only to find I had not
written anything else.
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You surely do like overly complex systems. I don't expect anybody to
memorize my posts - hell I don't. But it surely follows that if they
didn't memorize it then they would not even know if anything was
missing! How about this - if it's not there then it's missing! See
simple. (I bet your write "(over)" on your letters too so people don't
get confused about what to do when they reach the end of the page and
the words stop! ;-) )
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Andrew DeFaria
Guest
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| Posted:
Thu Oct 27, 2005 8:02 am Post subject:
Re: Posted versus cleared |
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Charlie K wrote:
| Quote: | Read Federal Reserve Regulation CC
(a) Cash deposits. (1) A bank shall make funds deposited in an account
by cash available for withdrawal not later than the business day after
the banking day on which the cash is deposited, if the deposit is made
in person to an employee of the depositary bank.
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That may be the current regulation however that's no reason why it can't
be done in real time!
--
Why is it that when you transport something by car, it is called a
shipment, but when you transport something by ship, it is called cargo? |
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Mike L
Guest
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| Posted:
Fri Oct 28, 2005 5:30 am Post subject:
Re: Posted versus cleared |
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On Wed 26 Oct 2005 01:15:16p, Andrew DeFaria wrote in news:UIP7f.1025
$te3.16310@typhoon.sonic.net:
| Quote: | John Pollard wrote:
Just a couple of observations, with the general theme that I think the
issue is somewhat more complicated than you indicate.
First: not all banks download transactions that are on "hold" (or
"pended" as BofA calls them).
My point is that no bank should send you transactions saying that they
are pending. That is largely a useless piece of information for the
customer and only serves to confuse the process.
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My preference is the opposite of yours. I like to see each transaction
downloaded as it has been recorded by the bank -- and the sooner the
better. If I need to check my available balance for any reason in any
accounts, my banks, credit union and brokerages allow me to do that also.
I will admit that I have absolutely no desire to argue the point and
would have normally felt obliged to just bypass this thread. But I
thought it would be proper, being a member of the group just to let you
(& the thread) know there is at least one (I suspect many more) that
strongly disagree with your point about downloading transactions. I feel
that it would actually be stupid for an FI to hold back downloading a
transaction for a day or more, just because they haven't made the funds
from that transaction available to you yet (other than VL the earning of
interest). (Hey, how about you just discontinue your downloads for 2
days after you make a deposit? :)
In any event no matter however Intuit changes the design of Quicken in
the future, this will never really be a Quicken issue IMHO.
--
Mike
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