In this day and age where everything is electronic and pretty much happens instantly, why do banks insist on holding checks for 5 to 10 days?
I deposit a check in my account, and it is deducted from the other persons account the next day. Why do I have to wait a week before I can use any of this money?
I pay way too much in service charges and they get to use my money for a week or more interest free while I can't touch it.
I think grandma had the right idea about hiding money in a mattress. There was no hold on it. It didn't cost you anything to keep it there. But most importantly it was there when you needed it.
If I put cash in through an ATM to pay a bill they put a hold on it for 7 days. I think that's just ridiculous and a total rip off. It's not like it has to clear somebody else's bank account first. I understand that some people have put in empty envelopes and withdrawn cash that wasn't there. Penalize them, not me!
I think it's time for a revolution. We should all avoid banks. Take out our money and investments and close our accounts in protest. Banks are greedy and getting rich off the little guys who can least afford it. If you're rich enough and have enough money in the bank you don't pay service charges. It's a conspiracy against the little guy.
Let me know if you agree.
