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Junior Varsity
Electronic Bank Transfers
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<blockquote data-quote="John Roberts" data-source="post: 92847" data-attributes="member: 126"><p>Re: Electronic Bank Transfers</p><p></p><p></p><p>Yup, it's called "float", and that's why I complained about it. There used to be a justification for a day or two to physically clear checks, now it's probably hours. </p><p></p><p>Back when I was in the Army I had a personal checking account off base. I could cash a check at the PX the day before payday, then cover it with a deposit in town after I got paid (in cash), all without my check bouncing. If I was more avaricious I could lend out money at a huge premium the day before payday. I've seen "borrow $10 and pay back $20" deals for those desperate enough. Of course I was too honest and too moral to to use bank float to finance usurious loan sharking. While I was never personally broke myself the day before payday. <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite1" alt=":)" title="Smile :)" loading="lazy" data-shortname=":)" /></p><p></p><p>JR</p></blockquote><p></p>
[QUOTE="John Roberts, post: 92847, member: 126"] Re: Electronic Bank Transfers Yup, it's called "float", and that's why I complained about it. There used to be a justification for a day or two to physically clear checks, now it's probably hours. Back when I was in the Army I had a personal checking account off base. I could cash a check at the PX the day before payday, then cover it with a deposit in town after I got paid (in cash), all without my check bouncing. If I was more avaricious I could lend out money at a huge premium the day before payday. I've seen "borrow $10 and pay back $20" deals for those desperate enough. Of course I was too honest and too moral to to use bank float to finance usurious loan sharking. While I was never personally broke myself the day before payday. :-) JR [/QUOTE]
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