My problem is related to the concept of "holding" checks for a certain time period, a practice that the scheming Bank of America is notoriously skilled at exploiting to their advantage. Banks should no longer be allowed to do this. It is a phony ploy that allows them to use "creative timing" in order to try to extort fees from their customers. They should be obligated to verify availability of funds for deposited checks electronically by the next business day, and an individual's own money should be available to him or her concurrently with this verification. The idea that, in the modern age, when computers can talk to each other at 100MB a second, that banks have to use a waiting period in order to make funds available is a complete and total canard. Are we supposed to imagine them as helplessly awaiting verification of a deposit via horse and buggy or Mississippi steamboat? More likely your money has already changed hands, and is being loaned out at interest by the bank while you patiently await its "clearance". Their application of the "waiting period" or hold, beyond being arbitrary and capricious, is actually always designed by banks to maximize the benefit to themselves - there is method to their madness, but the "consumers" (who would be better termed the "earners" or the "producers") get railroaded every time. Banks contribute nothing to the economy, but are parasitical organizations that suck the lifeblood from the productive labor of the people. There needs to be major reform.
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