That used to happen, but not any more around here. Not sure if there has been some law, or if it is universal now, but it does not happen here. Drop off a paper check at the bank, walk out the door and spend it on your bank card one minute later, no problem. Here anyway.
Quote:
Originally Posted by Mxfrank
The term actually refers to a clock mechanism. Many inexpensive pendulum clocks use anchor escapements, which rebound a little with each tick or tock. A deadbeat mechanism is technically more advanced, with a positive tick and tock, so less wasted motion and greater accuracy.
Anchor:
https://s14-eu5.startpage.com/wikioimage/293ae64969c5755937fbc4e0ed5993f0.gif
Deadbeat:
https://www.mpoweruk.com/images/deadbeat_escapement.gif
In banking, the term "deadbeat" refers to someone who monotonously pays bills on time. They're desirable as customers only because supply reliable volume, but produce little fee revenue. The bank makes more money from everyone else, who are called "our best customers". if a banker ever calls you this, seek help.
As an aside, you may be interested in knowing that debit cards are designed to maximize overdrafts. In the old days, they would reorder your charges to optimize fee revenue. But even without this trick, a heavy debit card user is pure joy to the bank. A checking account is a very busy place, and the timing of deposit and debit events is unpredictable. Sooner or later, you'll overdraft if you use a debit card. It's designed that way. |