The Spark

the Voice of
The Communist League of Revolutionary Workers–Internationalist

“The emancipation of the working class will only be achieved by the working class itself.”
— Karl Marx

Making Checks Move Faster—But Only for the Banks!

Nov 8, 2004

Congress just authorized banks to process checks immediately by taking images of them, then transmitting them electronically, by fax or e-mail. Almost as soon as someone cashes your check, your account can be debited.

On the other hand, if you go into your bank and deposit a check into your account, the money will not be available any sooner. It will still take two days for a local check to clear and five business days for an out-of-town check.

If you think you’re in the clear after you’ve deposited a check, think again. You may be hit with great big overdraft fees.

It’s a scheme designed to warm the coldest corner of a banker’s icy heart.