Re: Maybe the FTC should concentrate on
Yep, I don't see why the US can't implement that if Europe and the UK seems to have no issues with it.
I also don't understand why they randomly put a 'hold' on checks over a certain amount for a random number of days. When I've deposited "large" checks (which seems to be anything over $10K, but more often when over $25K) sometimes they will tell me they need to put a hold on it for two days. Sometimes for five days. Sometimes there's no hold at all. Even when I get checks FROM THE SAME ACCOUNT whether there is a hold or not or its length varies.
It is frustrating as hell because you can't plan for shit, other than assuming a worst case of a week long hold. Though I don't even know that I've hit the worst case hold I guess.
I get that checks are inherently riskier than transfers, since I've already set up the transfers (didn't mention that to the UK folks, I've already provided the routing & account number of the bank I'm transferring to in the past, and verified it by telling them the amount of some tiny random transfers they made so they can verify I own the other account, and made dozens of successful transfers between them in the past few years, but despite that it STILL takes two days!) With a check you could get hold of one and forge the signature, or make a fake check if you have the account & routing number (which you can get off a real check for a smaller amount, or that was written to someone else)
So I can almost understand it for checks, but how is that today for instance when I deposited a check from a source I've never got a check before for $31K and the funds were available instantly (because for some reason I won the "check hold" lottery today I guess) but there is always a two day delay for transfers between two accounts I own and have proven in the past I own and made many previous transfers? That makes zero sense. Why isn't there a "bank transfer lottery" I can occasionally win too?
Fraud/security is just an excuse for banks not wanting to spent money to update antiquated systems and wanting to steal the interest from two days in limbo.