At my bank, when I make a check deposit the funds show up in an instant. When I went to went to go deposit a check for my paren'ts bank account they said it would take a couple of days for the funds to appear. Is this normal? How long does your account take for the funds to become available?
2006-12-18 08:46:18 · 3 answers · asked by BigE 3 in Business & Finance ➔ Personal Finance
just don't worry ... take it for grant ... it takes some time... minimum 3 days and max. a working week... to collect the check... and for funds to appear in the account... tell ur parents to feel comfort... ur money is on the way :)
i worked for Societe General
Arab Bank ... Misr Bank ... Amex Bank ... so am not telling a wrong :D
i gotta raise the hat to Rock_c... his answer is better.. and just completeing mine :)
2006-12-18 08:57:22 · answer #1 · answered by blues_iris 2 · 0⤊ 0⤋
Assuming your parents' bank is a different bank from yours, their bank may have instituted a policy called a "float". It's a means by which banks put a 'hold' on deposits for a few days (or more, depending on the size of the deposit). The banks say it's to ensure that the funds clear and that the check is good, before they credit the funds to your account. But in reality they are 'floating your money', (as in holding in place), which in turn allows the bank to sit on your money for as long as they can, while gaining interest on it, before handing it over to you. It's perfectly legal, and one of the highest profit margin boosters in the industry. It's just simply a pain in the ##&@! to the bank's customers.
2006-12-18 16:59:25 · answer #2 · answered by RockC 2 · 0⤊ 0⤋
That's what banks do!! A bank is in the business of extracting money from it customers to make it's shareholders rich! That is why it is much better to belong Credit Union where they are more concerned about providing excellent service to their members because that's who they have to answer to!
2006-12-18 21:00:39 · answer #3 · answered by RichDaddy 2 · 0⤊ 0⤋