This is nothing new! A few years ago, my bank told me that a bank check from the UK would take a minimum of 30 days to clear. And since we have the best Congress that money can buy [or rent for a few years!] the banking regulation that went into effect this year is even more onerous. The customer no longer gets "the float" on interstate checks. When you write a check, the funds are withdrawn within 24 hours from your account, even though the check might not clear for over a week, when the funds are finally credited to the payee's account. The banking industry now makes additional BILLIONS annually on this new checking procedure, since they now get the interest on "the float".
Once again, the consumer takes it up a lower body orifice!
Once again, the consumer takes it up a lower body orifice!