Why are there laws to place such long holds on checks(10days)? Can’t the receiving bank simply call the bank where the check originates from and velidate it themselves?
In: 5
They can, well not literally call, and many banks have systems (i.e. Zelle) that allows for cash transfers to happen instantly. It’s just that the Automatrd Clear House (ACH) protocols that all banks typically use are old and don’t support immediate or near immediate transfers. Wire transfers are possible but are more expensive. The US is about the start updating to a more instant protocol that will enable faster transfers of money, near real time. But it may take years for it to really be available.
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