Banks, please explain!

Posted on July 4, 2006 - Filed Under Punch Forum |

Marvin P. Flores
4 July 2006

Sir/ma’am,

My comment is why do we have to wait 25 to 30 days as per the banks’ regulation for our checks to be encashed, when the check is already debited against our bank account on the 4th day?

I am a US citizen but a resident of the Philippines. I have a US bank account and every month I write a check and deposit it to my bank account here. But every time I deposit it they always say waiting period is 25 to 30 days but when I check in my account in the US, it’s already been taken out of my bank on the 4th day. My conclusion is that after taking our money early maybe they use our money for other purposes like lending to other customers to earn interest for 25 to 30 days. I might be wrong can you or the bank explain it to me please. Thank you.

Respectfully,
Mr. Flores