Wednesday, September 23, 2009

What are the rules at your bank? A great New York Times article (from Yahoo)

How come... it takes so long for checks to post to the bank?

I looked at the Yahoo main page today and saw a great article by Ron Lieber at the New York Times about bank policies. I immediately went there to read it.

It is good to know when a check will clear. If you don't, you face disastrous bounced check charges. (Unless you have a cushion...)

Today, many checks and deposits are electronic. But some banks are still slow to clear a check. Some banks and credit unions do a better job, Lieber says.

The article has some really good advice, like asking the bank how long it will be on a deposit, for instance, or using Direct Deposit as much as possible. There is also a possibility you can speed things up by using an at-home feature.

I may just print the whole article out for later reference. I hope it is helpful to you, too. 

The article - Hurry Up and Credit My Account by Ron Lieber

Find out more:
The Consumer's Union site bank issues
The Check Clearing for the 21st Century Act (2004)

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