Cash, Loans, Debts, and Promises

checks: when the money needs to be in my account

  • Once you write a check, the money might be taken from your account almost instantaneously if the merchant uses electronic checks.
    • The clerk runs your check through a machine (usually a cash register) that starts the electronic funds transfer process, and then hands the check back to you.
  • If the check is physically deposited in the merchant’s bank, that bank may do an electronic transfer immediately; the bank doesn’t always have to send the check to your bank for payment.
  • People used to count on it taking several days before a check is actually cashed and money leaves the checking account; that is no longer true.
  • You MUST have the money in the bank when you write the check!
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