Quote:
Originally Posted by SteveToms
Thanks guys, I guess I get to buy the drinks tonight.
This brings up a interesting question.
Why does it take 6 business days to clear a cheque?
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A surprising amount of the banking system is, believe it or not, still paper-based. All these checks need to be collected, checked by the receiving banks against the ATM record, then sorted, sent via high security to the bank that the check is issued from, and then checked again for authenticity by that bank. If you have a poor credit rating, your bank will wait until confirmation from the issuing bank before releasing the funds.