| Author |
Message |
Andrew DeFaria
Guest
|
 Posted:
Wed Oct 26, 2005 8:01 am Post subject:
Posted versus cleared |
|
|
It just occurred to me, during a fiasco at my back wherein I opened yet
another business checking account and after receiving my first large
invoice and depositing it, that downloading of transactions where
Quicken accepts the transaction marking it with a "c" indicating cleared
(no?) that it's not really cleared at all. Oh no, my bank tells me that
that merely means that it's been "posted" to my account and due to the
fact that my account is new (and forgetting the fact that I have 4 other
checking accounts with them, and have been doing business with them for
some 12-15 years!) that a hold was placed on my deposit. Tell me, does
any customer of a bank really care about when a transaction is "posted"?
I mean what the #@#$ does that mean to me? Nothing! Most back customers
merely care about when the funds are available and any distinction of
the transaction before that is largely irrelevant to most people!
What got me thinking is this silly notion of "posted" vs "cleared" while
I was scratching my head wonder why in this day and age of the 21st
century that any kind of transaction would take more than but a few
seconds to post, verify, clear and clear! Why is it that banks maintain
this silly notion of such long processing times and "end of business"
batch processing mentality is beyond me!
However to direct this back to Quicken, it has no way of distinguishing
between posted and cleared. And what is worse is that when a transaction
is posted at your bank it is then downloaded to Quicken, thus giving you
the indication that the transaction has finished processing and the
funds are available when this is not always the case.
But worse yet is the fact that later, when the transaction has really
cleared and funds available, *there is no way to inform the Quicken user
by downloading transactions that yet another status change has occurred
and most importantly the status change that we, as customers, really
want to know! That the funds are now available!!!*
To me this seems like a fundamental flaw in Quicken's Online processing.
Now the bank guy tells me that things are different for West coast banks
vs. East coast banks in that at a West coast bank a deposit will come in
and it will be sorta considered available. For example, you may be able
to transfer from that account to yet another account. But later it may
be found out that the deposit was not cleared yet and you'll get dinged
and fined. Whereas an East coast bank will not allow those yet uncleared
funds to be considered available until after they have properly cleared.
I find it ridiculous that such differences are allowed.
Oh and BTW, for any of you who have suffered through my attempt to
provide a Wiki for Quicken at http://quikiwiki.com, please note that I
have finally purchased a new server that is respectable now and
http://quikiwiki.com is now much faster and usable. I will post this
there
<https://defaria.com/quikiwiki/tiki-view_forum_thread.php?comments_parentId=21&topics_threshold=0&topics_offset=0&topics_sort_mode=commentDate_desc&topics_find=&forumId=3>and
invite and encourage you to try http://quikiwiki.com again...
--
Dain bramaged.
|
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|
 |
Steven E. Harris
Guest
|
| Posted:
Wed Oct 26, 2005 4:01 pm Post subject:
Re: Posted versus cleared |
|
|
Andrew DeFaria <Andrew@DeFaria.com> writes:
| Quote: | at a West coast bank a deposit will come in and it will be sorta
considered available.
|
My experience with banks on the West coast is that deposits made in
person -- with a teller -- are available immediately, while deposits
made through an ATM may take /up to/ two business days to become
available. And, mind you, the difference is not just in how long it
takes someone to empty the ATM and open the envelope; I was told
recently the hold starts counting not from the ATM transaction time,
but from when they retrieve the check from the machine.
For some reason, they are far more trustful of deposits made in
person. Perhaps the customer-facing teller uses a different computer
system to enter the transactions, and perhaps those "immediate"
transactions are more costly to process.
--
Steven E. Harris |
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John Pollard
Guest
|
| Posted:
Wed Oct 26, 2005 4:01 pm Post subject:
Re: Posted versus cleared |
|
|
Steven E. Harris wrote:
| Quote: | Andrew DeFaria <Andrew@DeFaria.com> writes:
at a West coast bank a deposit will come in and it will be
sorta
considered available.
My experience with banks on the West coast is that deposits
made in
person -- with a teller -- are available immediately, while
deposits
made through an ATM may take /up to/ two business days to
become
available. And, mind you, the difference is not just in how
long it
takes someone to empty the ATM and open the envelope; I was
told
recently the hold starts counting not from the ATM transaction
time,
but from when they retrieve the check from the machine.
|
| Quote: | For some reason, they are far more trustful of deposits made
in
person.
|
Does this really seem so strange? Actually the two apparently
different procedures are very consistent, nothing counts until a
person verifies the likelihood of a real "deposit". A person
has a good chance of identifying a check as a check ... the ATM
machine has no chance of doing so, and doesn't even know whether
you inserted an empty envelope.
| Quote: | Perhaps the customer-facing teller uses a different computer
system to enter the transactions, and perhaps those
"immediate"
transactions are more costly to process.
|
--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup
|
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|
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Steven E. Harris
Guest
|
| Posted:
Wed Oct 26, 2005 9:22 pm Post subject:
Re: Posted versus cleared |
|
|
"John Pollard" <invalid@invalid.com> writes:
| Quote: | Does this really seem so strange?
|
Yes. The identity verification process is the same in both cases -- an
ATM card and its corresponding PIN.
| Quote: | A person has a good chance of identifying a check as a check ... the
ATM machine has no chance of doing so, and doesn't even know whether
you inserted an empty envelope.
|
Please read my message again. I noted that the holding period with the
ATM deposit starts /after a human opens the envelope/. Once a teller
has opened my deposit envelope and has the check in hand, along with
the ATM's identity verification stamp, there /should/ be no difference
in processing time thereafter.
--
Steven E. Harris |
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|
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John Pollard
Guest
|
| Posted:
Wed Oct 26, 2005 9:52 pm Post subject:
Re: Posted versus cleared |
|
|
Andrew DeFaria wrote:
| Quote: | It just occurred to me, during a fiasco at my back wherein I
opened
yet
another business checking account and after receiving my first
large
invoice and depositing it, that downloading of transactions
where
Quicken accepts the transaction marking it with a "c"
indicating
cleared (no?) that it's not really cleared at all. Oh no, my
bank
tells me that
that merely means that it's been "posted" to my account and
due to the
fact that my account is new (and forgetting the fact that I
have 4
other
checking accounts with them, and have been doing business with
them
for
some 12-15 years!) that a hold was placed on my deposit. Tell
me, does
any customer of a bank really care about when a transaction is
"posted"?
I mean what the #@#$ does that mean to me? Nothing! Most back
customers
merely care about when the funds are available and any
distinction of
the transaction before that is largely irrelevant to most
people!
What got me thinking is this silly notion of "posted" vs
"cleared"
while
I was scratching my head wonder why in this day and age of the
21st
century that any kind of transaction would take more than but
a few
seconds to post, verify, clear and clear! Why is it that banks
maintain
this silly notion of such long processing times and "end of
business"
batch processing mentality is beyond me!
However to direct this back to Quicken, it has no way of
distinguishing
between posted and cleared. And what is worse is that when a
transaction
is posted at your bank it is then downloaded to Quicken, thus
giving
you
the indication that the transaction has finished processing
and the
funds are available when this is not always the case.
But worse yet is the fact that later, when the transaction has
really
cleared and funds available, *there is no way to inform the
Quicken
user
by downloading transactions that yet another status change has
occurred
and most importantly the status change that we, as customers,
really
want to know! That the funds are now available!!!*
To me this seems like a fundamental flaw in Quicken's Online
processing.
|
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).
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.
As long as fi's are not consistent about what they download,
Quicken will have difficulty getting things right.
Third: the OFX spec does not appear to offer a straight forward
method to handle this situation; I can't find any indicator
corresponding to the Quicken "Clr" field. The only related
items I can find are the known "DTPOSTED" item (which I believe
is downloaded with every transaction), and another item that I
have never seen in a download that might be useful: a "DTAVAIL"
item (date funds available).
Possibly if the fi's agreed to provide the DTAVAIL (and assuming
it is not already reserved for an incompatible purpose), Quicken
could use that in conjunction with DTPOSTED to control "Clr"
field entries for: not processed (space), on hold ("h"), cleared
("c"), and reconciled ("R"). There would also have to be some
agreement then on how/where "pended" transactions should appear
in Quicken and what effect those transactions should have on the
account balances (Ending and Online) or perhaps if another
balance was needed: either "cleared" or "posted" depending on
what the Online balance should represent.
I like having more information available in Quicken rather than
less, just not sure how easy this will be to do.
I do know that Intuit is aware of "pended" transactions - the
subject was brought up in the Quicken Forums, so it is possible
that this issue may already be getting addressed.
< snip >
--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup |
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John Pollard
Guest
|
| Posted:
Wed Oct 26, 2005 10:27 pm Post subject:
Re: Posted versus cleared |
|
|
Steven E. Harris wrote:
| Quote: | "John Pollard" <invalid@invalid.com> writes:
Does this really seem so strange?
Yes. The identity verification process is the same in both
cases -- an
ATM card and its corresponding PIN.
|
In both of which cases? When you make a deposit in person, when
does your teller look at your ATM card? And for a deposit? I
have never had a teller ask for my ATM card (or even
identification) for a deposit. But identity verification has
nothing to do with any of my comments anyway.
| Quote: | A person has a good chance of identifying a check as a check
... the
ATM machine has no chance of doing so, and doesn't even know
whether
you inserted an empty envelope.
Please read my message again. I noted that the holding period
with the
ATM deposit starts /after a human opens the envelope/. Once a
teller
has opened my deposit envelope and has the check in hand,
along with
the ATM's identity verification stamp, there /should/ be no
difference
in processing time thereafter.
|
Then I misunderstood that part of your post; and I do not share
your experience.
In my case, the *only* differences I have experienced in funds
availability between teller deposits and ATM deposits, *do* have
to do with the time to manually get the ATM deposit to the same
point it would be if I delievered it by hand to a teller. But
there certainly are other criteria for determining the
availability of funds that will not be the same from deposit to
deposit regardless how the deposit is made; including the amount
of the check compared to your balance, what bank the check is
drawn on, what country the other bank is in, etc.
--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup |
|
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|
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Steven E. Harris
Guest
|
| Posted:
Wed Oct 26, 2005 10:52 pm Post subject:
Re: Posted versus cleared |
|
|
"John Pollard" <invalid@invalid.com> writes:
| Quote: | In both of which cases? When you make a deposit in person, when
does your teller look at your ATM card?
|
Yes, believe it or not. This is Washington Mutual I'm referring
to. Before the teller will really let you get into a transaction, she
will request that you swipe your card at the reader and enter your
PIN. Now, if you don't have your card, they may still check some other
identification, but I have not bothered to test that case.
| Quote: | And for a deposit?
|
Sort of, but see below.
| Quote: | I have never had a teller ask for my ATM card (or even
identification) for a deposit.
|
I agree that identification is not necessary; the deposit slips don't
ask for a signature, and it takes imagination to come up with a case
where adding money to someone else's account could be malicious.
However, with Washington Mutual, the teller will usually ask the
customer to swipe the card even before discussing the nature of the
transaction, so I'm now in the habit of swiping my card even for
deposit-only transactions. It's a battle chosen not to choose.
Bringing this back around to our original discussion, it's worth
noting that even if I tested our belief that identification is not
necessary for deposits and refused to swipe my card, my in-person
transaction would carry less identity verification than the same ATM
transaction (which would require my card and PIN) and yet still enjoy
a better "trust factor" in processing.
| Quote: | I do not share your experience.
|
Good for you. You should praise your bank by name, as those choosing a
bank might like to know which ones follow which policies.
[...]
| Quote: | But there certainly are other criteria for determining the
availability of funds that will not be the same from deposit to
deposit regardless how the deposit is made; including the amount of
the check compared to your balance, what bank the check is drawn on,
what country the other bank is in, etc.
|
These rules are often mentioned but not spelled out explicitly. I find
the mixture of fraud detection, risk mitigation, and regulation to be
interesting. Are banks require to disclose the actual policies, rather
than mere hypothetical warnings?
--
Steven E. Harris |
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Andrew DeFaria
Guest
|
| Posted:
Wed Oct 26, 2005 11:01 pm Post subject:
Re: Posted versus cleared |
|
|
Steven E. Harris wrote:
| Quote: | Andrew DeFaria <Andrew@DeFaria.com> writes:
at a West coast bank a deposit will come in and it will be sorta
considered available.
My experience with banks on the West coast is that deposits made in
person -- with a teller -- are available immediately, while deposits
made through an ATM may take /up to/ two business days to become
available. And, mind you, the difference is not just in how long it
takes someone to empty the ATM and open the envelope; I was told
recently the hold starts counting not from the ATM transaction time,
but from when they retrieve the check from the machine.
For some reason, they are far more trustful of deposits made in
person. Perhaps the customer-facing teller uses a different computer
system to enter the transactions, and perhaps those "immediate"
transactions are more costly to process.
|
It makes sense that they would hold a deposit made at an ATM as for all
they know you just shoved in an empty envelope. In fact, I'd say they
should consider the deposit made at an ATM as not made at all until they
see the money (i.e. the "Show me the money" rule).
However my deposit was made in person, at the teller. Trouble is the
deposit was for over $10K ( :-) ) and the account was fairly new. Now
again, I have 4 other checking accounts with them and the only reason
this was a new business checking account was that the old business
checking account I had with them they closed due to inactivity! :-( |
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Andrew DeFaria
Guest
|
| Posted:
Wed Oct 26, 2005 11:04 pm Post subject:
Re: Posted versus cleared |
|
|
John Pollard wrote:
| Quote: | Does this really seem so strange? Actually the two apparently
different procedures are very consistent, nothing counts until a
person verifies the likelihood of a real "deposit". A person has a
good chance of identifying a check as a check ... the ATM machine has
no chance of doing so, and doesn't even know whether you inserted an
empty envelope.
|
I agree somewhat and also disagree. After all we all know that people
rarely read checks anyway. Machines read checks - the read the MICR at
the bottom. In theory they could read the check and even check to see if
the funds were available at the other bank (remember this is the 21st
century not the 19th!).
This would not cover cash deposits however.... |
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Andrew DeFaria
Guest
|
| Posted:
Wed Oct 26, 2005 11:15 pm Post subject:
Re: Posted versus cleared |
|
|
John Pollard wrote:
| Quote: | 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.
| 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.
| 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!
| Quote: | Third: the OFX spec does not appear to offer a straight forward method
to handle this situation; I can't find any indicator corresponding to
the Quicken "Clr" field. The only related items I can find are the
known "DTPOSTED" item (which I believe is downloaded with every
transaction), and another item that I have never seen in a download
that might be useful: a "DTAVAIL" item (date funds available).
Possibly if the fi's agreed to provide the DTAVAIL (and assuming it is
not already reserved for an incompatible purpose), Quicken could use
that in conjunction with DTPOSTED to control "Clr" field entries for:
not processed (space), on hold ("h"), cleared ("c"), and reconciled
("R"). There would also have to be some agreement then on how/where
"pended" transactions should appear in Quicken and what effect those
transactions should have on the account balances (Ending and Online)
or perhaps if another balance was needed: either "cleared" or "posted"
depending on what the Online balance should represent.
|
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.
| 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.
| Quote: | I do know that Intuit is aware of "pended" transactions - the subject
was brought up in the Quicken Forums, so it is possible that this
issue may already be getting addressed.
|
Somehow I doubt that I'll see any of this simplified in my lifetime! I'm
as confident of that as meeting an honest politician!
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! :-) |
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Charlie K
Guest
|
| Posted:
Thu Oct 27, 2005 12:01 am Post subject:
Re: Posted versus cleared |
|
|
"My experience with banks on the West coast is that deposits made in
person -- with a teller -- are available immediately, while deposits
made through an ATM may take /up to/ two business days to become
available."
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.
(2) A bank shall make funds deposited in an account by cash available
for withdrawal not later than the second business day after the banking
day on which the cash is deposited, if the deposit is not made in
person to an employee of the depositary bank.
and it's two days after the deposit is entered into the ATM, not when
it's read by a person. That's why they give extra time. It's also when
the bank gets credit from the federal reserve for deposit. If they
make the money available earlier, you get a free loan. The regulation
also deals with out of district checks. I believe it takes 5 days for
the bank to get credit from the federal reserve. |
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John Pollard
Guest
|
| Posted:
Thu Oct 27, 2005 12:02 am Post subject:
Re: Posted versus cleared |
|
|
Steven E. Harris wrote:
| Quote: | "John Pollard" <invalid@invalid.com> writes:
In both of which cases? When you make a deposit in person,
when
does your teller look at your ATM card?
Yes, believe it or not. This is Washington Mutual I'm
referring
to. Before the teller will really let you get into a
transaction, she
will request that you swipe your card at the reader and enter
your
PIN. Now, if you don't have your card, they may still check
some other
identification, but I have not bothered to test that case.
And for a deposit?
Sort of, but see below.
I have never had a teller ask for my ATM card (or even
identification) for a deposit.
I agree that identification is not necessary; the deposit
slips don't
ask for a signature, and it takes imagination to come up with
a case
where adding money to someone else's account could be
malicious.
|
One I imagined was someone wanting to implicate you in some sort
of bribery scheme ... though that would probably be done with a
deposit of cash rather than a check. :)
| Quote: | However, with Washington Mutual, the teller will usually ask
the
customer to swipe the card even before discussing the nature
of the
transaction, so I'm now in the habit of swiping my card even
for
deposit-only transactions.
It's a battle chosen not to choose.
|
I probably wouldn't either on a regular basis, though I suspect
I would make one attempt to say I did not have my card just to
see what they would do.
But I think the practice of always having you swipe your card
sounds more like a convenience for the teller than much of an
identification - I'm guessing swiping your card can get them
into your account faster than if they have to ask you for info,
or read it from your document(s), then key it into their pc. My
recollection is that when my bank wants identification, they
want a picture id. While I have never been asked for my ATM
card for a plain deposit, I was asked to swipe it - if I had it
with me - for one or two relatively complicated transactions.
| Quote: | Bringing this back around to our original discussion, it's
worth
noting that even if I tested our belief that identification is
not
necessary for deposits and refused to swipe my card, my
in-person
transaction would carry less identity verification than the
same ATM
transaction (which would require my card and PIN) and yet
still enjoy
a better "trust factor" in processing.
|
I still think the in-person advantage is almost totally that the
person can tell you are really depositing a check ... with the
additional possibility that a teller may actually visually
identify you as a customer without benefit of id ... something
else not readily available from the ATM machine. I think some
bank practices include playing the odds.
| Quote: | I do not share your experience.
Good for you. You should praise your bank by name, as those
choosing a
bank might like to know which ones follow which policies.
|
BofA for starters. I can't speak for my other bank, USAA,
because their only offices are in Texas and I never go to Texas.
| Quote: | [...]
But there certainly are other criteria for determining the
availability of funds that will not be the same from deposit
to
deposit regardless how the deposit is made; including the
amount of
the check compared to your balance, what bank the check is
drawn on,
what country the other bank is in, etc.
These rules are often mentioned but not spelled out
explicitly. I find
the mixture of fraud detection, risk mitigation, and
regulation to be
interesting. Are banks require to disclose the actual
policies, rather
than mere hypothetical warnings?
|
I don't know how much detail they are *required* to disclose,
but I think you should be able to get information on any
specific hold if you ask or look. Here is BofA's general
disclosure (from their web site) regarding availability of
deposits:
"When are funds available after deposit?
Usually on the first business day after the day we receive your
deposit. However, depending on the type and amount of your
deposit, we may delay the availability of your funds for up to
11 business days. If we delay the availability of funds, we send
you a notice and tell you when the funds will be available. A
delay may occur under the following circumstances:
a.. You deposit checks totaling more than $5,000 in one day.
b.. You re-deposit a check that has been returned unpaid.
c.. We believe a check you deposit won't be paid.
d.. You've overdrawn your account repeatedly in the last six
months.
e.. There is an emergency such as an equipment failure. "
BofA also shows "pended" transactions online and has a clickable
link alongside them which will tell you about why they are
"pended". Here is the result for a pended transaction initiated
at a non-BofA credit card company for a credit card payment.
"These pending transactions occur when money is automatically
withdrawn (usually on a monthly basis) from your account. Some
examples are bill payments, insurance drafts, loan payments and
automatic deductions to a mutual fund account. These withdrawals
will post to your account the next business day. "
--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup |
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John Pollard
Guest
|
| Posted:
Thu Oct 27, 2005 12:02 am Post subject:
Re: Posted versus cleared |
|
|
Andrew DeFaria wrote:
| 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.
|
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.
| 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.
| 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.
| Quote: | Third: the OFX spec does not appear to offer a straight
forward
method to handle this situation; I can't find any indicator
corresponding to the Quicken "Clr" field. The only related
items I
can find are the known "DTPOSTED" item (which I believe is
downloaded with every transaction), and another item that I
have
never seen in a download that might be useful: a "DTAVAIL"
item
(date funds available). Possibly if the fi's agreed to
provide the DTAVAIL (and assuming it
is not already reserved for an incompatible purpose), Quicken
could
use that in conjunction with DTPOSTED to control "Clr" field
entries
for: not processed (space), on hold ("h"), cleared ("c"), and
reconciled ("R"). There would also have to be some agreement
then on
how/where "pended" transactions should appear in Quicken and
what
effect those transactions should have on the account balances
(Ending and Online) or perhaps if another balance was needed:
either
"cleared" or "posted" depending on what the Online balance
should
represent.
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?
| 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.
| Quote: | I do know that Intuit is aware of "pended" transactions - the
subject
was brought up in the Quicken Forums, so it is possible that
this
issue may already be getting addressed.
Somehow I doubt that I'll see any of this simplified in my
lifetime!
I'm as confident of that as meeting an honest politician!
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. 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.
--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup |
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Steven E. Harris
Guest
|
| Posted:
Thu Oct 27, 2005 12:02 am Post subject:
Re: Posted versus cleared |
|
|
"John Pollard" <invalid@invalid.com> writes:
| Quote: | One I imagined was someone wanting to implicate you in some sort of
bribery scheme ... though that would probably be done with a deposit
of cash rather than a check. :)
|
Right. We have plenty of crime mentioned in the news lately that
depends upon funds transfer, with the guilty party caught on the
receiving end.
| Quote: | But I think the practice of always having you swipe your card sounds
more like a convenience for the teller than much of an
identification - I'm guessing swiping your card can get them into
your account faster than if they have to ask you for info, or read
it from your document(s), then key it into their pc.
|
Yes, I thought so too, and decided that the card swipe was actually a
good idea. I stopped writing my account number on my deposit slips,
assuming the account would be unambiguously called up, but then they
started begrudgingly filling it in on my behalf. So I started writing
the account number again, yet still see most tellers typing it in and
staring at the screen for a while. I just can't win.
[...]
| Quote: | I don't know how much detail they are *required* to disclose, but I
think you should be able to get information on any specific hold if
you ask or look.
|
I've been trained to avoid making deposits at the ATM, but recently my
schedule precluded me making it in during bank hours. I deposited my
check at the ATM, and when the funds were still not available the
following evening, I called the bank.
They explained that, yes, the funds were held, and would be available
in one more day, but they had no good answer as to /why/ the funds
were held.¹ They reserve the right to delay the transaction, but that
doesn't guarantee consistent behavior on their part. For the record,
my deposit actually cleared early the next morning.
[...]
Thanks for sharing the policies from BofA. Their precision is
admirable.
Footnotes:
¹ Charlie K's parallel reply notwithstanding.
<1130357302.470021.208050@g49g2000cwa.googlegroups.com>
--
Steven E. Harris |
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Mike L
Guest
|
| Posted:
Thu Oct 27, 2005 5:25 am Post subject:
Re: Posted versus cleared |
|
|
On Wed 26 Oct 2005 12:52:44p, Steven E. Harris wrote in
news:q948xwg9ne9.fsf@chlorine.gnostech.com:
| Quote: | I do not share your experience.
Good for you. You should praise your bank by name, as those choosing a
bank might like to know which ones follow which policies.
|
I have never had any bank or other FI ask me to swipe (or even require me
to possess) an ATM card. I have never known of any ATM to let me do a
transaction without an ATM card.
There is no reason to praise our banks by name; you should continue to
disparage your bank by name :) |
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