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Rant: my credit union held a $400 check for 5 days but Venmo'd my landlord in 4 seconds
Called both, and the check hold is just their policy while the instant transfer costs them almost nothing. So which is it, should banks be forced to clear small checks same day or is the float just how they make money?
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graym498d ago
Right, so they can zap your rent money across the country before you even put your phone down, but a check from your grandma needs a five day nap first. That delay is basically them earning interest on money that's already yours. The tech clearly exists, they just like the free loan. Small checks should clear same day, no question.
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