Can I effectively earn interest from 2 interest bearing accounts I have at 2 different banks at the same time on the same money for several days while a check from one bank is deposited in the other but waiting to clear?
If not, which of the 2 banks pays me interest until the check clears?
Technically speaking, at which bank does my money legally reside after the check is deposited but before the funds become available at the target account?
Thanks!!
2007-03-23 17:34:45 · 4 answers · asked by Steve 3 in Business & Finance ➔ Other - Business & Finance
Kite flying!!!!
You'll earn interest no where if you are naughty.
Cleared funds only will earn interest.
2007-03-23 17:44:38 · answer #1 · answered by ♥jg spunk♥ 4 · 0⤊ 0⤋
no
only the bank that is holding the cleared money earns interest
the other does not in effect have your money on account, but rather on a hold until verification and transfer
2007-03-24 00:39:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Nooo
2007-03-24 00:42:02 · answer #3 · answered by Lauren 5 · 0⤊ 0⤋
Technically speaking, that's called kiting, and it's against the law.
2007-03-24 00:38:21 · answer #4 · answered by Anonymous · 0⤊ 0⤋