They would charge you for the use of your money if could get away with it.
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Actually they do. It’s called “The float”. Example: I recently sold a property f9or something over $400,000 and took bank check to my bank immediately after the closing.The bank made $10,000 available to me immediately and said it would take 4 days for the rest to become available. This even though checks are electronically cleared thru the Fed in less then 24 hours. Thus the bank has the use of yours and my cash for 3 days and you will get nothing for this.
Yep, and as you know, that $390,000 wasn’t sitting idly while the bank waited to credit it to your account. They have a variety of short-term products they can put it into and generate some interest income before you gain full access to your funds.