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Lead time on online payees

I would like to set the lead time for all my online payees to 0. My current list shows most of them are 4 days but a few are at 2 days. I suspect the difference is whether the payee can accept online transactions and thus, don't require paper checks.

As it is now, to send a check from one bank account to another takes 8 days and I need to make that smaller. It takes 0 days if I write a paper check and physically deposit that check in an ATM. Much better but less convenient.

What determines the lead time? Can I set it somewhere?

Reply to
William W. Plummer
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"It takes 0 days if I write a paper check and physically deposit that check in an ATM."

Actually, most ATM deposits post on the following day.

Notan

Reply to
Notan

Citizens Bank, MA and Digital Federal Credit Union process ATM transactions within hours. I can drive to DCU, deposit a check, drive home, view my account via the web and the check is there.

Now, I have no idea how the bank protects itself. Suppose I write a check against the funds I deposited, but my deposit is no good. What happens?

Reply to
William W. Plummer

The fact that the "check is there" is not the same thing as whether the funds from that check can be used and guaranteed to cover your withdrawals. Digital financial transactions can be misleading.

Read their disclaimers; they will tell you exactly how they will treat such things.

Reply to
John Pollard

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