Originally Posted by
SkiAdcock
Yeah, I'm not amazed either. I have a friend who is a lawyer for high-end real estate (think hundreds of millions for complexes, sports centers etc), & they were always trying to get everything deposited by Friday end of day. He said the banks did what they could do to get it to deposit after end of day cuz they'd have the float on #s like his for the entire weekend, and that adds up to some nice profits.
Most definitely, banks are the champions of this. Even a paltry $1 million earns $110 overnight at 4% for them if they can delay giving you immediate credit. So most larger transaction are electronically wired for immediate credit. Then the bank will charge $50 to send it and $50 to receive it despite the fact that you've removed most of the manual labor from them. Sort of paying $3 for a ATM withdrawal instead of having to maintain a staff of bank tellers and other change counters... But I digress...