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.