General > General Technical Chat
Cheques being phased out in Australia by 2030
TimFox:
--- Quote from: Melt-O-Tronic on October 26, 2023, 05:50:18 am ---
--- Quote from: ataradov on October 08, 2023, 11:30:07 pm ---In the US banks are obligated to make the deposited check balance to be available within 24 hours. They can settle the processing with the issuing bank.
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This is not true.
Edited to expand: This is true for cash deposits. Check deposits can take up to nine days to be available (although I believe that to be an extreme case).
--- Quote ---This is the base for a lot of scams that make people deposit bad checks and pay back some sum of their own money. The check bounces after a few weeks, but by that time it is too late.
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Somewhere way above this, I posted a link to the actual regulations for US banking.
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