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First I would cut the "Checks take N days to clear", "electronic transfers take 3 days", and other similar crap. Second I would allow the creation of multiple s
by sophacles 17y ago
First I would cut the "Checks take N days to clear", "electronic transfers take 3 days", and other similar crap. Second I would allow the creation of multiple sub-accounts which can be used for single transactions, single receiver, or rate limited transactions. Think ING Orange sub-accounts but with external interfaces and on sterioids.
- randallsquared 17y agoFirst I would cut the "Checks take N days to clear", The only way to do this unilaterally is to loan your customers money you don't have for certain, yet. Legally, checks can be revoked up to six months later, so how many days a check takes to clear indicates nothing more than the confidence the bank has in final clearing, which won't happen for some time after that. So, people with bad credit, or who have previously overdrawn, are probably higher risks for depositing checks (especially personal checks) which may be revoked later.