It 's your money, Ralph

Recently I have become aware of a little hiccup within the banking system which would affect us all at some stage, to me ,it verges on fraud by the banks,but hey that's just my opinion. Nowadays not many of us deal in cheques, no one wants to accept a personal cheque and the cost of a checking account outweighs the benefits ( unless you are a business or big $$$ customer and get a "special managers deal"= NO FEES)
Cheques use to take 3 working days to clear, 5 for interstate accounts, this is a fact. Cheques or the paper exchange takes place overnight and the cheques are returned to the drawers bank on day two, if they are not honored, they are returned to the payees bank by day 3. Hence the 3 day rule.
Cheques drawn on the Reserve Bank ( ATO, Centrelink, Dept of Defence etc) and bank cheques used to considered by banks to be cleared funds. That is, they were as good as cash. Government wasn't going belly up, the payee name matched the account name..No risk there. Bank cheques have to be paid for with cash or a withdrawal from a loan or with cleared funds, ipso facto; no risk of it being dishonoured. In fact a bank CANNOT dishonour a bank cheque, only stop payment on it.

So why are banks applying the 3 day rule to tax refund cheques and bank cheques? I raised this issue recently with my bank when they told me 2IC's tax refund cheque would take 3 days to clear and was advised that bank cheques receive the same treatment. So what happens to your money whilst you wait this little lie out....
Well, the money is credited to your account but does not show in the balance so it is only there in theory not in reality, so you are losing interest in it. If you place it in your mortgage or such it will have the interest adjusted;or show in the balance but not as available funds, if it isn't shown as this ...Ask for an interest adjustment ( I will give the equation for interest recalulation later). The money is actually sitting in the banks cash management, short term money markets and money exchange with billions of other dollars which is not theirs, earning millions of dollars in interest for the BANK.

It your money, Ralph, people have become so complacent and banks so internalised , that they are not adhering to the basic principles of LAW regarding paper exchange. Especially regarding RESERVE BANK cheques. Sure you can pay the $20 or $30 they ask for a "special clearance" but you can do that your self as it only involves a phone call. That's right, your bank charges you $20 to call another bank ...Here's what you do. Take down the cheque details on a piece of paper, drawer, account name, cheque number, account number, bank and branch and payee. Write "Special clearance" on the cheque but tell the teller its a mistake and you don't want a special clearance. Next day call up directory assistance and get a number for the branch the cheque was from, call them and ask for special clearances, get the persons name in special clearances, tell them you are calling for a special clearance and the cheque was banked via so and so branch, give them the details you have, and they will tell you if the cheque is to be paid or not. Never tell them you are from the bank but don't tell them you aren't either. Armed with the persons name, go to your bank and tell them that such and such from Big Bucks bank has advised the cheque is cleared and will be paid, sure they can call and ask for so and so and check but cannot charge you for it. You may have to fight it out but it is not illegal for you to do it, so long as you do not misrepresent yourself. I have done it three times and fought and won each time.
Use the system against them.
It's your money, Ralph.

Interest Adjustment Calulation:

amt. of money not credited to account x interest rate x days missing from account
__________________________________________________ =

36500