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Posted by Randy Starkey on November 7, 2007, 1:05 am
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Right. Sweeps work that way, but I'm in 2 different banks. I'll try the arm
twisting suggestions <g>. Or maybe I can somehow get billpay to one day.
>
>> Laura wrote:
>>> Check with the 2 banks involved. It may be worth a trip to the bank
>>> and discuss your options with a branch manager.
>>>
>>> Many banks now offer bank transfers that can be scheduled online.
>>> There are fees and dollar restrictions so the bill pay may actually
>>> be cheaper. Some bill payments are same day. It all depends on the
>>> receiving end.
>>
>> They can do it if it suits them. I have a customer who maintains a large
>> checking account balance.
>>
>> Bank approached him with the following plan: At 6:00p.m. they would
>> transfer his balance to a interest-bearing account; at 6:00a.m. they
>> would transfer the balance back to his checking account. He would earn
>> half the usual interest rate for short-term savings. The bank made money
>> two ways:
>>
>> 1. They lowered their overnight demand for inter-bank loans to meet the
>> fed requirement.
>> 2. They got the money interest-free on the week-ends (kinda like "0" and
>> "00" on a roulette wheel).
>>
>> Still, my customer made some money on otherwise idle funds.
>>
>> Anyway, banks can do it if properly incentivized.
>
> Isn't that how Sweep accounts work?
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