Are The Banks Stealing From You?
I wonder this many times but even more when I was told that they will hold a check I deposited and for 10 days and I can’t use the funds. What they do is put the funds in their bank and draw interest for several days after it clears but they make you wait 10 days before you can use the funds.
That may not make a big difference if the check is small but when it is between $7000- $10,000 they really rake in the interest. Do they give you any of these fund back after your check clears? I think not. Take another look at their deceiving practices.