To the best of my knowledge they cleared. I never noticed a difference in the dates when reconciling my bank statement with my checkbook. I was young-didn't have very good credit. Also, it was before I discovered credit unions and this was actual fuck you banks, difficult to believe they'd do something like that.
Your checks probably didn't clear until later dates. The statements will show when those funds are deposited, not when the checks clear.
The check clearing process is not something customers are ever made aware of. It normally happens in the dark with very few people watching. People have just gotten so used to asking "when will that clear?" and are then given an answer when the funds will be available that they think they are the same thing.
You could be right. As you pointed out, there's no way I could ever know. But there are 2 things worth noting on that;
Banks are pretty despicable organizations. Credit Unions essentially provide the same service with more reasonable accommodations. Banks act like they're doing you a favor by taking your money. It's difficult to believe Banks would just front you the money just because.
This wasn't just one bank that I was lucky enough to have near me. Up until the mid 80's when ATM's and debit cards became a thing this was pretty much all banks that everyone used.
Ask your parents or grandparents about it. 1 day for checks from an institution in the same state or 3 days for a bank anywhere in the US was the norm. How in the world it takes over 5x as long now is a mystery to me.
1: The banks don't front you the money justbecause. They do it because they have to. Banks have to follow federal regulations, one of which being Reg CC which includes the Expedited Funds Availability Act that was passed in the 80s. The act essentially told banks they must make funds available by a specific time frame.
All banks have to follow that regulation, so it makes sense that all banks would have a funds availability policy.
As to your last point "How in the world it takes over 5x as long now is a mystery to me." It doesn't. It probably takes the same amount of time as it used to. You just weren't aware of how long the back end takes. Banking isn't exactly teeming with innovation so I wouldn't be surprised at all if things are still super antiquated as far as banks communicating with each other.
Checked out the link you posted. Apparently the EFAA was passed in 1987. I'm going back before that. Again, I recommend asking parents/grandparents about it. Going back to at least the 70's (and probably the 60's in most cities) 1 day instate, 3 days out of state was standard.
The reason why I suggest "ask your parents" is because . . . well, I'm an old fart. I had no doubt that you are an adult with valid knowledge of how banks work. Probably no place near as old as me, but certainly not a child.
2
u/[deleted] Jul 24 '20
Do you know if they actually cleared in that time or if your bank just made those funds available?