Posted by MoparNorm on Monday, November 01, 2004 at 0:23AM :
In Reply to: Immediate wire transfer of funds posted by Judd on Sunday, October 31, 2004 at 11:15PM :
Effective Friday was a new Banking Rule which allows photocopies of checks to be legally binding as actual electronic transfers. Word of caution, this means that there is no longer a waiting period or float time, if you write a check you better have money in the bank to cover it at that moment. Your check deposits to the bank however still have a 10 day hold on them, which is of course unfair in 49 states, Kentucky being exempt due to them reading and writing laws.....
MN
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