Strange 19th century banking
Posted Sep 15, 2005 17:38 UTC (Thu) by macc
In reply to: Strange 19th century banking
Parent article: The Grumpy Editor's guide to personal finance managers (Part I)
In Germany you pay by check if you are short on money.
i.e. when a bill is due you send the check on the day its due.
This is usually deemed sufficient for meeting the due-date.
But snailmail takes 2 Days and the recipient has to carry it
to his bank and get it booked(1-2Days). After another 2-4 Days
the amount is debited to your bank account.
This gives you about a week of credit
which some businesses and private persons
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