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Fed government announced its offices in Washington,DC area will be closed Wed. due to bad weather--the third day in a row for such closings.
The Golden 1 CU, Sacramento, takes mega-banks to task with billboard ad campaign. Wed NN.
THe U.S. House Majority Leader has announced there are no votes expected in the House this week.
Vote for 2010 ICU Day Theme. http://www.cuna.org/icuday
The federal government is closed today due to continuing snow. CUNA's Washington office is closed. Its Madison, Wis., office remains open.
N.Y. Times: CUs clear deposits quicker than banks
NEW YORK (9/22/09)--Credit unions generally clear deposits quicker than banks do, according to a finance columnist for The New York Times.
In his Saturday column "Hurry Up and Credit My Account," Rob Lieber wrote that many readers have sent him angry questions about overdraft fees after he wrote about them earlier this month. The questions have come as the fifth anniversary for the law known as Check 21 approaches, Lieber noted.
Check 21 allows financial institutions to turn paper checks into digital images and handle them electronically instead of having to send volumes of paper checks around the U.S. on airplanes to settle them.
"Banks can and do move faster than regulations require," Lieber wrote. "And some have pushed their daily deadlines for depositors later by a few hours. Credit unions in particular tend to clear deposits more quickly, according to a 2007 Federal Reserve study of the effects of Check 21."
For the full story, use the link.
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