heres the deal i have my own business, customer brings in personal check drawn on regions bank, check is good, but regions wont cash says it has to be deposited into account. i have 2 checking accounts with them, and savings account, seems like they are always trying away not to be able to help u. also have accounts with compass, thinking of switching, it seems like regions goal is let let me find a way to srew this cutomers day up. by the way check was for 100.00, ended up getting independent bank in town to cash, where check wasnt even drawn on.
the check is good.....how many times have I heard that one. That customer of yours may have 100 checks floating so that is the reason for having to deposit. Next time tell your customer to pay in CASH and give him a 3% discount. Then you won't have to drive to the bank using a gallon or two of gas and you will actually come out ahead
But, once check is deposited, I do believe with the new system in place, funds are deducted that day, so first come first served I guess, but what gets me is that banks do get their monies 2 - 3 days quicker than we actually receive credit into the accounts said check was deposited.
Now, might be wrong, but seem to remember something sometime back revealing this fact, thus if true, even your own bank, though not giving you credit for the deposit for 3 - 5 business days, has use of the "free" money, until they actually have to deposit into your account. Figure, kinda like a hidden fee.
Now, will say, my local bank credits many of my checks into the account deposited on the day of deposit (if prior to 3pm), but may "hold" available balance to "ensure" goodness of the checks. But, might be because most checks are deposited on a regular basis, same account and bank drawn from, just most times different amounts.