I suspect most of us have seen something like this before:
I borrowed money from my Thrift Savings Plan. The money came out of the TSP account on 12312012 and is still not in my checking account.
Of course, you know what they told him: “3 to 5 business days.” Which prompts this response:
Why? It should take only a nanosecond, 2 on dialup.
Ah, the wonders of float. Then again, this can work both ways: if you have, for instance, the old-style American Express card, the one you’re required to pay off every month, you’ve got some float working for you, how much depending on where your transaction falls in the Amex billing cycle.
Still, it’s unnerving to see these things crawl along. And when venal politicians — pardon the redundancy — talk about bank reforms, they’re never talking about this kind of reform.