>I agree our system has it's issues and could have been implemented much better I was just pointing out to Tore that his perception was dated. I suppose things like that take longer to develope here because it is done by business's rather than government (Which I am guessing was the mechanism behind some other countries development.)

The system (or lack thereof) here serves the banks. They can cite tech problems and they get a lot of leeway. Basically, the individual is screwed. Explain this: when a check lands on my (credit union) account, it takes eleven days of hold. When I pay something by check, I can see the money leave my account within just a couple of days - probably the day the recipient gets it into their hands, or a day or two later. Should I mention that my debit card transactions take only minutes? Even transfer from PayPal takes three days - and these guys are supposed to be completely electronic.

Simple as that, the system allows the banking system to stall the money for a number of days. During that time, that money is on bank's transitional account, practically it's their asset, counts into their credit, and they have to base to make loans - to make money on my money. They're getting a free loan from me. It's the same scam as the "mail rebate".

>You can do better with your bank however. Part of the problem is there has been a great deal of consolidation in the banking arena and they have issues trying to merge there data systems. I prefer to deal with Credit Unions, they seldom change hands and are more flexible and user friendly.

I've seen that between Wachovia and First Union. I had a case when we got our tax return check, and it was to wife and me, and we couldn't deposit it in a former First Union branch (with Wachovia's insignia all over, it was couple of years after the merger) because my wife didn't have an ID with her. We just went across the street into Wachovia proper, and the clerk didn't even bother to ask for any damn ID. And, BTW, I've nixed that account recently :). Credit Union is so much better.