Heads Up If You Use Banks

Heads up! I don't know how I missed this, must have been the hurricane and wife and grandson sick on top of the Experian data breach, but starting Friday ACH (bank withdrawals) will start the move to same day. There will be two clearing times 1pm and 5pm.

​They tried this in New York before, it was after 9/11 and it was a disaster. People put their paychecks checks in the bank overnight box on Friday or even deposited them with a teller and wrote out gas and groceries over the weekend to find they had overdrafted on Monday. The debits and checks cleared before the deposits. If you write a check or use your debit card be sure the money is in the bank plenty ahead of time.

You old timers remember when a check took a week or longer to clear? Now it averages two days and if they have their way it will clear, bounce or overdraft before you get home.

If you and a spouse write checks or debit on the same account, then be sure the total you write in a day doesn't overdraft you. I used to set down every night and transfer funds if needed. You can pretty much forget that if they stick to this.