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Misplaced My Paycheck
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<blockquote data-quote="NYdriver" data-source="post: 936380" data-attributes="member: 39274"><p>First Off, this is 110% incorrect. I have a background in finance and still do it on the side. There is no such thing as a high interest CD, or short term account for that matter. The max yield you are getting on a CD is 4.000%, but this is over a period of 5 years in which you can not touch the allocated funds and get a penalty for early withdrawal. </p><p></p><p>Lastly, there is no investment account in the world in which you could withdraw in 3 days without a penalty. A payroll account is not an interest bearing account, so no, they are not making money on our paychecks. </p><p></p><p>also, the 3 day lag has to do with wire transfers reaching the federal reserve, the clearing house, and getting directed into our accounts. It's not instatnt as many believe.</p></blockquote><p></p>
[QUOTE="NYdriver, post: 936380, member: 39274"] First Off, this is 110% incorrect. I have a background in finance and still do it on the side. There is no such thing as a high interest CD, or short term account for that matter. The max yield you are getting on a CD is 4.000%, but this is over a period of 5 years in which you can not touch the allocated funds and get a penalty for early withdrawal. Lastly, there is no investment account in the world in which you could withdraw in 3 days without a penalty. A payroll account is not an interest bearing account, so no, they are not making money on our paychecks. also, the 3 day lag has to do with wire transfers reaching the federal reserve, the clearing house, and getting directed into our accounts. It's not instatnt as many believe. [/QUOTE]
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