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When I pay rent to my apartment, they scan in the checks and send them over to their bank. I though in this day and age, once the bank receives my check, it will come out of my account right away. However, it always take another 2 days for the check to clear my bank account ( I have a separate bank ). why is that? I though that once the bank receives the check, it clear my bank instantly.
If its a different bank it has to go thru the Fed Resv Clearing house, that take 1 day, and 2nd for your bank to post it. Why do you want it to clear fast? Longer its out the more intrest you make on the balance (if you get any on your checking).
If its a different bank it has to go thru the Fed Resv Clearing house, that take 1 day, and 2nd for your bank to post it. Why do you want it to clear fast? Longer its out the more interest you make on the balance (if you get any on your checking).
Thanks for your answer.
why does it go through the fed reserve? I though it was electronically taken out? How does it work anyways. Clearly I have no clue
Fed run the electonic clearing house beween the banks. (it also moved the image) from bank to bank. The 1st bank makes the image of the check, sends it to the fed, they then send it on to your bank.
Fed run the electonic clearing house beween the banks. (it also moved the image) from bank to bank. The 1st bank makes the image of the check, sends it to the fed, they then send it on to your bank.
ok, but how come ..when I write a check as a payment to a store, like Macys, it comes out of my account the same day?
Major player are setup/have aggrements with there bank to transmit in 'real' time directly from them, thru there bank, to your bank. The check is more or less handled as a ATM/Debit card transaction. you rent, is send as a 'check' not a ATM/Debit transaction.
Major player are setup/have aggrements with there bank to transmit in 'real' time directly from them, thru there bank, to your bank. The check is more or less handled as a ATM/Debit card transaction. you rent, is send as a 'check' not a ATM/Debit transaction.
ok, thanks a lot.
I am smarter now than I was 30 minutes ago !
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