3 ms·

But... Paper checks don't actually move money around, computers changing numbers in electronic ledgers do. A paper check is just a device to trigger that proc

• dpifke 17y ago
  The distinction is most probably legal. The transaction couldn't close until payment was received - and the paper check could be "received" but a wire transfer couldn't until the next day. Likewise, they could put the funds on their balance sheet at the moment the check changed hands. I'm sure they also had accounts payable, so this allowed them to be solvent despite the fact that the check hadn't yet been deposited.
• tybris 17y ago
  What matters is that they had proof of funds, which they needed to avoid bankruptcy.