I used to work in banking so I'm aware of check21 and it's implications. I believe the supervisor lady I spoke with was referring to the longest possibility in "return time". She lead me to believe this wasn't a crazy notion. So, it caused me to think a bit more cautiously about payment....is all.
Jason - I get your point about the shorter time frame. Check21 does allow the money to be processed electronically in an instant. Like when you go to a store, they run your check...the register prints on it and you get it right back. I do believe check processing through this particular credit union is still not as current as that. They still collect piles of paper checks that were deposited on all their days' members' accounts. They get totalled and bundled and sent on to a BANK. This bank then goes through their own processes. The bank probably is in time with the current technology & honestly I am not aware how check21 factors in after they have left the bank...but I do know...that check21 no longer allows for that lag time some people used to count on for "floating". In general, the time is shorter for clearing. BUTTTT, in trying to be 100% thorough in not getting stuck....there are situations where the return time is much longer than 2 weeks. Given that I have a dark cloud that has followed me for a few years now....I will be happy to lean a little more conservatively and ask for cash for final payments if the time frame is narrowing.
I can do that - I'm just a small set up. My customers don't mind. In a bigger super busy set up - I get how that may cause a larger volume of issues to deal with.
It just confirms the idea...to me at least...that you NEED to have ample cushion time when accepting a check. It should be super easy for a customer to request a bank check for guaranteed funds instead of their own personal check. Or, at the very least know which local banks cash the checks drawn on them with no hassle. So, you can make a determination if the money can be recovered asap. There's a bank in town here who won't cash checks drawn on them to non customers. So - you have to go through the waiting game.
I guess these unfortunate situations will happen one way or another. No matter how hard we try to safeguard against them. 100% guaranteed to NEVER get stuck I guess doesn't exist. Shoot....I'm leaning toward cash only! lol.
I realize "cash only" wouldn't be most convenient in some instances...but in last minute situations I always ask nicely for it. And, haven't had any crazy talkin' customers...