Functional Ambivalent has discovered that his bank is not sending his payments to his creditors as quickly as they claimed to be. Interesting.
NewMexiKen realized there was a float in the bank’s favor when you use electronic banking. They deduct the amount when they make the payment, not when the check is cashed. I figured that was my cost for the service (there are no other charges). There is so little interest paid on my checking account it hardly mattered to me if my mortgage payment, for example, was deducted from my account when the bank wrote the check or when the mortgage company deposited it. And actually, with electronic banking, I tend to pay bills closer to the due date because I can enter the transaction when I get the bill, but with a payment date weeks later when the bill is due.
But F/A says his bank wasn’t paying the bills on time — and that it was using paper checks and ground mail for transactions one would assume were electronic. Has anyone else seen this? Are we all being scammed? Or is F/A just using the wrong bank?