Banks make most of their income from overnight loans to other banks. So when there is a week lag time from deposit to credit of your account, they can make lots of interest off of loans they make to other banks using your funds over those 5 days. This is free income to them, since they dont have to pay you for the right to use your money, such as with a savings account.
I hate banks that do this, I really HATE it!
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bradbeiter's Content
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#8539 Just say "No" to US Bank
Posted by
on 12 August 2005 - 05:47 PM
in
General
#8538 Offers only: ING direct: $25/$10
Posted by
on 12 August 2005 - 05:35 PM
in
Referral exchange
