ST Alpha - "which is why banks have a waiting period for funds to become available in your account. -- nm" (Reading a Post)

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In response to "There are several banks that take scanned checks (though this is the first I've heard of an iphone app). I have no idea how this isn't ripe for fraud" by pmb

which is why banks have a waiting period for funds to become available in your account. -- nm

Posted by znufrii Aug 10 '09, 13:37

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Responses:

Generally a shorter period of time than the reality of this problem would become apparent. -- nm - pmb Aug 10, 13:40 2
- not necessarily, with all-electronic clearing. I've deposited checks where the money is out of their account within 24 hours - znufrii Aug 10, 13:42 1
  - This kind of fraud would be more difficult to detect (and that's a pretty long time for clearance you've experienced. Usually it's just a fixed - pmb Aug 10, 13:53

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