Banks are starting to roll out electronic deposits for small businesses as this NYTimes article describes. If I do not have to go the branch, it is a good week.
But I made 2 ATM deposits over the last couple of days in the BofA corporate account - and checking my account electronically this morning they still do not show.
Then banks love to get you on float. Here is the explanation of a charge BofA hit me for:
"Funds are held to allow the deposited item to clear the paying bank, and this process takes two to five business days. If the funds deposited are used within the time that we are waiting on the check to clear, you will be assessed a fee, as this is considered a short-term loan"
Nothing about paying my company interest on the "short term loan" we give the bank in the form of a bank balance, though...
