Why do CASH APP type banks pay EARLIER?

[Spiritual Stratocaster]

I got my bank yet they hold onto my check as long as possible...meanwhile these app based services like Chime or Cash app pay up to 5 days earlier?


Could I ask my bank to give me my check earlier threaten to leave or some shyt? Them mofos finna lose my business to fukking cash app?

 

[Serious]

@OfTheCross

 

[Marks]

I always thought it was more of an advance. Like they know your check is coming based on records so they front you.

 

[OfTheCross]

@OfTheCross

Just policy.

We can credit you as soon as we get notification that the money is coming and make it available right away. But for precautionary reasons many banks waited to make sure the wasn't clawed back and that practice hasn't totally left the industry.

These new online banks and some smaller institutions looking for something to distinguish them are making it available sooner.

 

[east]

edit: already answered

 

[OfTheCross]

I always thought it was more of an advance. Like they know your check is coming based on records so they front you.

It's not, we got the money already

 

[OfTheCross]

I got my bank yet they hold onto my check as long as possible...meanwhile these app based services like Chime or Cash app pay up to 5 days earlier?


Could I ask my bank to give me my check earlier threaten to leave or some shyt? Them mofos finna lose my business to fukking cash app?

If your check is direct deposit they can just give it to you, no lie. But that would take a change in policy cause they won't do it just for you.

 

[Barlow]

The system and idea of “banking” is archaic af in 2022

 

[Fiji Water]

Cashapp is halal. Most banks are not.