The Finch Formerly Known As Gold

1 November 2007

Bankers' hours

In the best of all possible worlds, they'd be 24/7/365. We're not there yet by any means, but this is kind of heartening in a perverse sort of way.

Earlier this week I dropped a check payable to me in the night depository at Monolithic Bank and Trust Company (Member FDIC). Historically, I knew to expect a certain amount of hold time, and that the bank would send me a letter telling me exactly when that hold time would expire.

Which, it turns out, is the third of November. A Saturday.

They're still not accustomed to this sort of thing — if I pay most bills using their online facility on Saturday night, it will be Monday before the actual payments are posted — but this is progress, however small.

One other promising sign: If you also have one of their credit cards, you can pay the bill online up to 8 pm Eastern on the due date and it will still be on time. However, perhaps to offset this advantage, they're twiddling the due dates so they don't always fall on the same day of the month. (I've experimented with this: a bill paid at 6:55 pm Central was in fact credited the same day. Wait ten minutes, though, and you might as well wait 24 hours — or 23:50, anyway.)

Posted at 7:53 AM to Common Cents


I'm looking for a bank that will let me pay bills up to two weeks late without penalty. So far, no luck.

Posted by: GreenCanary at 10:07 AM on 1 November 2007

Is MBTC as ubiquitous as Global Hegemon Bank?

(Of course, we've discovered that GHB isn't everywhere we want to be...)

Posted by: McGehee at 8:28 PM on 1 November 2007

They're big enough to be part of the Dow Jones Industrial Average, if that's a clue.

Posted by: CGHill at 8:33 PM on 1 November 2007

I duly checked the bank's online numbers last night and today, and yes, they posted it on Saturday.

Posted by: CGHill at 11:29 AM on 3 November 2007