I opened checking and savings accounts with UFB Direct. It's nice to get a high rate of interest, BUT ... they hold on to deposits I send by mail for days before clearing them because, I was told, they are drawn on out of state (Indiana) checks.
AS IF! That excuse worked 20 years ago, but there's no such thing today when everything goes through in a millisecond. My bricks-and-mortar bank (Citibank) pulled the same thing when I had an unusually large (for me, anyway) check to deposit from a mutual fund. Right, like they really have to wait for a check from Ameriprise to clear.
I told them the check would clear and be in the bank's coffers before I even walked out the door.
I wonder if I'm losing more during the hold period than I'm gaining in interest ...