[random Bank Rant Of The Day]

[ztirffritz]

The waiting period for checks is an obsolete security measure. It was implemented to foil people like Frank Abignail. He would cash a forged check from an out-of-state bank. Open a checking account at the bank across the street and deposit the cash. Then he could write checks that wouldn't actually bounce and it would take the first bank several days to find out that they'd been duped because the checks are all transmitted to a clearing house. The routing number determines which clearing house based on a regional system, hence, several days delay. Now though the account number and routing number are scanned optically and checks are cleared nearly instantly. That is why you can deposit a check with your phone's camera now.