linas writes:
> I know this is not the answer you want, but ... it sounds to me like
> somebody is ripping you off for a days worth of interest.
Yup.
> I'd say that's grounds for a class-action suit.
Banks have been doing this for over a decade that I know of for sure, and
probably much longer. One would think that they would have been sued
already if it was possible.
> For small amounts, its not a big deal, but for say, a (mere) million
> dollars, thats a few hundred dollars a day in interest. If this is a
> pervasive practice at your instituion, the sums could easily be much
> larger. It might even be some kind of fraud being perpetrated unbknownst
> to your banks.
As I understand the process, bank A transfers the money to large national
bank C which then transfers it to bank B. It is bank C that holds the
money overnight and pockets the interest. A and B know about this, but
don't care since it isn't costing them anything. It is possible (though
unlikely) that this float interest is the only compensation C gets. What
is most objectionable about this is not so much the lost interest as the
delay.
> It might even be some kind of fraud being perpetrated unbknownst to your
> banks.
The interest is supposed to be going into my account, but it is just
disappearing. As soon as I find the bug I'll be rich.
> Then again, I am not a financial expert, so I could be full of BS.
I'm sure the bankers have a completely innocent explanation. It might even
be true.
--
John Hasler
[EMAIL PROTECTED] (John Hasler)
Dancing Horse Hill
Elmwood, WI
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