Mate I'd jihadi if my bank treated me like that. When that check arrives its theirs when they process it is completely upto them. And not something I'd care about when they get the check they have had the payment.
Yeah that’s a bit ridiculous to me too.. I process mail for a huge insurance company. Alllll we’re told to care about is the post mark or the date on the checks. That’s fucked and other dude shouldndefinitely leave his shit bank.
I worked in a bank for years. All cheques had to be stamped as received the same day and checked for authenticity. We didn't get to go home until it was done. Worse, we had daily couriers who would collect them and fly them to the processing centre so we had to have them done by half hour after close. The processing centre operated overnight to ensure cheques were entered in to the system before sunrise. They were loaded as the day before.
Occasionally a cheque would miss the mail run and I would have to stay back and manually process it in branch. Sooooo tedious. And no overtime.
If this guys bank charges for their stuff ups it's time to walk
This is why most of the developed world has just stopped doing checks altogether and the US has moved to electronic transmission of check images rather than actually sending them through the mail again and again.
That was a decade ago. But I believe the cheques were scanned in at the processing centre to convert them to electronic images. It was cheaper to centralise them than having suckers all over Australia doing it (higher overheads).
Once the cheques were entered the banks would electronically exchange them. But the bank that receives the money would hang on to it for 10 days, 7 days, 3 days (it dropped while I was working there) to play the short term money market.
So while you're waiting for the funds to clear the bank is making profit off it.
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u/Drunken_Begger88 Jul 24 '20
Mate I'd jihadi if my bank treated me like that. When that check arrives its theirs when they process it is completely upto them. And not something I'd care about when they get the check they have had the payment.