Its not a matter of opinion.
It all depends on which banks are clearing items.
Lets say the bank placed a hold for 5 days but the clearing process took 3 days. Some banks are faster than others...some states are farther away than others...so that happens.
Customers have the right by law to have the hold removed as soon as the funds are collected.
When you ask for a balance, instead of current balance ask for collected and available balance too.
If the collected balance is more then you can get your money in about 60 seconds or less...at least in our bank.
The clearing time is based largely on proximity from one bank to the other.
That's the problem with large banks - you guys don't give a rat's ass about the customer, and then you wonder why you are losing market share to customer-friendly regional banks and credit unions.
Thats the way it is.
No, that's the way the banks made it. Like P.J. O'Rourke once said, all this can be explained. What it can't be is believed.
I've done contracting and consulting to three major banks. I know the attitudes of the people, I know the B.S. that banks present. You can spin some of the folks. You ain't going to be able to spin me. Just like the nonsense that sorting transactions from largest to smallest prior to posting is somehow beneficial to the customer - when some pointy-headed MBA figured out they could dramatically increase overdraft charges by doing such.
Thanks for making my point for me. So, in other words, if a customer doesn't know how things work, your bank is going to sit on their money for a couple of days - instead of just releasing the funds as soon as they are there.
My mattress is looking more and more attractive with every one of your posts.
Checks are processed by the Federal Reserve, not the banks! It may depend on a bank's distance from the closest federal reserve, not the distance from bank to bank.