Choose your site preferences:
Articles
There Is No Float
Filed under: General, Personal Finance, Young Adults, Adults, Retirees
Remember when you could write a check and it wouldn't clear your checking account for over a week? That time between spending the money when the money came out of your account was called the "float".
In these times of electronic funds your check can clear your checking account before you get home from running errands. The days of the "float" are over. In other words, if you spend the money before it's in your account you risk paying a Non-Sufficient Funds (NSF) fee of $25.00. It was not a good money management strategy back then and it still isn't.
We charge the NSF fee every time a check is presented for payment and there is not enough money to pay the check. So, forget about the float or you'll be sunk.
