Thursday, October 31, 2013

Why I Love Checks

Yes! Checks. Those historic relics that are unnecessary because we can do everything electronically now.

Consider these recent experiences I had transferring funds from one of my accounts to another:

Attempt 1:  I wrote a check to myself from one of my accounts; went into bank and deposited it into another account. 

Result 1:  Funds were posted to the deposit account immediately and deducted from the paying account when the check processed a couple days later.

Attempt 2:  Set up online transfer of funds from one account to the other online.

Result 2:  Funds were deducted from the paying account the day after requested.  Funds disappeared into the abyss and still haven't appeared in the deposit account 5 days later. I did notice a note when I checked online status that the funds would be there by Nov. 1 (for a transfer requested on Oct. 25).

So, where did my money go? I can only assume it has been compounded with other funds in some transfer account somewhere where for 5 days it is earning interest of the sort that only ever benefits or is available to financial institutions.

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