Strange 19th century banking
Posted Sep 15, 2005 17:38 UTC (Thu) by
macc (subscriber, #510)
In reply to:
Strange 19th century banking by shane
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
desperately need.
(
Log in to post comments)