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Do you seriously believe banks process checks in the exact order received and not in the order which maximizes their fees?
Banks process checks upon receipt. If your balance is $200, and three checks come through the clearinghouse in one night that total MORE than $200, you wrote bad checks! It's not any more complicated than that. There isn't a person sitting at a desk determining how to extract more fees out of you by choosing which ones to cash and which ones to overdraft you for. They are randomly processed. If you don't have enough money in your account to cover ALL checks presented, you wrote bad checks!
Banks process checks upon receipt. If your balance is $200, and three checks come through the clearinghouse in one night that total MORE than $200, you wrote bad checks! It's not any more complicated than that. There isn't a person sitting at a desk determining how to extract more fees out of you by choosing which ones to cash and which ones to overdraft you for. They are randomly processed. If you don't have enough money in your account to cover ALL checks presented, you wrote bad checks!
It's about time that banks get out of the 20th century don't you think? Money from a check can be transferred in seconds.
Banks process checks upon receipt. If your balance is $200, and three checks come through the clearinghouse in one night that total MORE than $200, you wrote bad checks! It's not any more complicated than that. There isn't a person sitting at a desk determining how to extract more fees out of you by choosing which ones to cash and which ones to overdraft you for. They are randomly processed. If you don't have enough money in your account to cover ALL checks presented, you wrote bad checks!
Amen, and they are processed at a financial "Automated clearing house" (ACH), not at the individual banks, and that is why they clear so fast now.
Banks process checks upon receipt. If your balance is $200, and three checks come through the clearinghouse in one night that total MORE than $200, you wrote bad checks! It's not any more complicated than that. There isn't a person sitting at a desk determining how to extract more fees out of you by choosing which ones to cash and which ones to overdraft you for. They are randomly processed. If you don't have enough money in your account to cover ALL checks presented, you wrote bad checks!
They don't need a person to do it. Their computer systems do. When the info comes in from the clearinghouse, they order into highest to lowest order.
I've overdrawn my account exactly twice in my 35 years of having a checking account - both time in the past 5 years. Both times my bank processed the higher amounts first ensuring that multiple items bounced. Banks do this all the time and it's legal.
As for those who keep saying how the USPS lending money would screw things up - THEY ARE NOT GOING TO LEND MONEY. They are going to accept deposits and cash checks. PERIOD.
Check cashing places charge a fee and then often a percentage of the check. If someone is cashing 4 checks a month at $5 and 1% of the check, the fees ad up. And the folks that utilize the check cashing places are the least able to afford it.
Heck, even banks charge non customers to cash a check drawn on their bank. I received a check from someone I knew could not be counted on to have sufficient funds. I went to their bank everyday and presented the check until it was good. They charged me $6 but I wanted to leave with cash.
I think that it's always a bad idea for the government to replace private enterprise. WE ARE BROKE. We don't need the government taking on another losing enterprise. The reason that payday loans and cashing checks for strangers is expensive is to offset the losses these businesses experience. Without the high fees, who do you think gets to eat the losses. Yep, us.
So was Bernie. Was whoever you voted for against them?
It's the starting place of an idea.
uhm Bernie voted FOR many of them
bailout of oct 08...Emergency Economic Stabilization Act of 2008......sanders YEA
the stimulus....sanders...YEA
the dream act (immigration)....sanders...YEA
cash for clunkers bailout.....sanders....YEA
extending unemployment bailout....sanders...yea
obamacare....sanders....yea
paygo.......sanders....yea
post office bailout......sanders....yea
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