Interstate Banking Sux: Checks take longer to clear: Bank One

[FullCountNotRecount]

I got a check from a local business written on Bank One which recently bought out an Illinois bank. They changed all their routing numbers to out-of-state numbers so they could keep your funds a few extra days. That is BS. Why don't the Dems stand up for consumers again.

Banks doing business out-of-state should have to use instate routing numbers so my check clears in two days not four-five days.

BS.

[WilmywoodNCparalegal]

1. On a related note...

now that checks will be digitized and that "floating" will become a thing of the past *sigh*, I wonder if this will change the way checks are cleared by the bank. It takes my bank (Bank of New York) 3 business days to clear my paycheck (issued by Citibank) both with local (NYC) routing numbers!!!!

If it's going to take a bank only 1 day to clear a check I've written, I would hope the same bank would only take 1 day to clear a check I just deposited, but I guess that would be too "pro-consumer."


*Floating=method of paying by check knowing you don't have quite enough in your account, but you know that you will by the time the check clears (usually a couple of days). Sadly, I use this method (and so does everyone else I know) on occasion (always with success), especially with things with firm due dates (as in the rent)

[progressivebydesign]

2. No.. the new system explicity does NOT speed up clearing time for us! n/t

[booksenkatz]

3. I do most of my banking online via Bank One

Well, at least I did until recently, when they changed the online banking procedures around. Lately, I'm back to sending my own damned checks through the mail again! Bank One is asking for days and days and days of lead time, even for local payees. If I have a bill due on the 18th, Bank One wants to take the money out of my account on maybe the 8th in order to make that due date! Screw that. I still run a few payments through online, but not as many as I did before. Especially to local payees, I just handle those myself.

[TO Kid]

4. Thank the Fed Reserve system

In Canada the banks have always done their own clearing. Cheques have been clearing overnight (with funds available to the payee) for at least 30 years.